Financial Data Exchange expands international footprint with addition of new members

By Pavithra R

Virginia based Financial Data Exchange, a nonprofit organization dedicated to unifying the financial industry around a common, interoperable, and royalty-free standard for the secure access of user permissioned financial data has welcomed 39 new members since April 1, 2020, bringing the total membership to 140 organizations, working to collectively transition the financial services ecosystem.

FDX, since its launch in 2018 with 21 founding members, has seen an exponential increase in members. The organization recently announced the formation of the FDX Canada Working Group. The growing membership is also reflected in the rapid adoption of the FDX API, as data providers, such as financial institutions, data access platforms, like financial data aggregators, and data recipients such as FinTech apps, are collectively transitioning to the standard.

“The movement towards open banking or open finance is happening around the world with a myriad of different approaches. And yet, the need for a common, secure and interoperable API standard for user-permissioned data sharing is ubiquitous,” said Don Cardinal, Managing Director of the Financial Data Exchange.

FDX represents a movement to enhance consumer and business control of financial data, through its FDX API and technical standards that prioritize the group’s 5 Core Principles of Financial Data Sharing – Control, Access, Transparency, Traceability and Security.

Some of the new members that joined include National Bank of Canada, Quicken, Ozone API, Desjardins, Canadian Credit Union Association (CCUA), Empower Retirement, Authlete, FCT, Servus Credit Union, National Community Reinvestment Coalition, CIBC, RattleHub, and Tangerine Bank.

“We are excited to welcome these new members to the FDX family and excited to see adoption and implementation of the FDX API taking root in a lot of different venues. What we have learned so far is that you have to have everyone at the same table in order to build a standard that works for everyone, and these new members are helping FDX continue to broaden the tent and ensure the FDX API is truly interoperable,” added Cardinal.

Founded in 2018, The Financial Data Exchange was established on the idea that consumers and businesses should have easier, more secure access to their financial data.