NEW YORK–(BUSINESS WIRE)–Argylethe leading employment data platform for companies to access user-authorized employment records, today announced its membership in the industry standards body Financial data exchange (FDX). Through its membership in FDX, Argyle will help shape industry standards for how banks and data aggregators format, authenticate and transmit consumer payroll data. The use of payroll data, which encompasses all personal employment and income information, is gaining momentum as a much-needed alternative to outdated verification processes, such as evaluating credit scores to determine creditworthiness . Real-time payroll data provides a more transparent scope of one’s ability to pay so that banking and credit institutions grant consumers access to needed financial resources.
“As a member of FDX, we have the unique opportunity to collaborate with other industry players to help define how payroll data is formatted, authenticated and transmitted,” said Shmulik Fishman, CEO and Founder of ‘Argyle. “Employee payroll data is an incredibly rich source of information that can help workers secure housing, vehicles, loans, and valuable financial services. It is crucial that we come together as an industry to standardize how this data is managed.
The FDX is dedicated to connecting the ecosystems that make up the financial services industry to create a common, interoperable, royalty-free standard for secure, user-authorized financial data sharing. FDX membership is open to financial industry organizations interested in contributing to the development, growth and industry acceptance of the FDX API and other goals through collaboration with working groups and groups FDX work. As a member, Argyle has the unique opportunity to work with other FDX participants to create the first standardized method of authenticating and transmitting payroll data.
“FDX and Argyle share an equally direct interest in standardizing the methodology for transmitting critical data in order to receive the necessary financial services,” said Don Cardinal, CEO of FDX. “Our members help promote greater adoption of open finance and banking standards and drive significant industry growth through their contributions and collaboration with each other. We are thrilled to have Argyle join us as a valued member of FDX.
In 2021, Argyle announced the creation of the Employment Open Data Standards (OEDS), an organization created to standardize how employment records are stored, accessed and transferred. These documents serve as the basis of American society and are used to rent an apartment, buy a car, buy a house, apply for a new job, receive a loan, etc. OEDS aims to foster transparency and alignment of a data set that industry institutions can rely on. Joining FDX in collaboration with OEDS strengthens Argyle’s position as a thought leader in payroll data and open finance.
To learn more about Argyle, visit argyle.com.
Argyle is building the leading user consent-based platform for employment data, helping people avoid situations where their personal information is sold or used without their consent or knowledge. With Argyle, any business can process earnings and labor verifications, get real-time earnings transparency, and view and update worker profile details. By removing the barriers between a worker, the companies that earn them money, and the company they buy services and products from, Argyle has reimagined how employment data can be leveraged to benefit workers. institutions and individuals.
About the exchange of financial data
Financial Data Exchange, LLC is a not-for-profit organization operating in the United States and Canada dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient access for consumers and companies to their financial data. FDX empowers users through its commitment to the development, growth, and industry-wide adoption of the FDX API based on the principles of control, access, transparency, traceability, and security . Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.