Financial data exchange: 28 million API consumers

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FDX reported that 28 million consumer accounts are now using its FDX API for open finance and open banking data sharing, a press release said.

The group claims that more than a million new accounts were transferred to the API per month.

Additionally, FDX reports that API calls have grown to over 2.2 billion per month, showing an expansion in data usage.

Today’s announcement comes from the FDX Fall 2021 API Implementation Metrics survey, which compiles member reporting data.

FDX is currently on API version 5.0, which has spurred standardization in the financial data sharing market regarding consent, user control, and consumer dashboards. It also strives to align with global standards.

“The financial services industry continues to implement the FDX API at a rapid pace,” said Don Cardinal, Managing Director of FDX. “It’s exciting to see our vision of FDX as a not-for-profit industry standards body with a common, interoperable, royalty-free API come to fruition,” Cardinal added. “The collaborative work of our members provides enormous benefits to the financial data ecosystem.”

Cardinal added that there has been growing consumer demand for sharing financial data with FinTech applications.

The company said it was “right” for the financial industry to take on the role of setting new rules for the technical means and methods to achieve data sharing.

Cardinal asserts that the expansion of the FDX API would include future regulations put in place by policymakers or regulators. It will also allow new technological and business innovations to continue.

PYMNTS wrote that the growth in adoptions of APIs as well as online banking tools has seen businesses and consumers open their eyes to the benefits of a world in which traditional banks are not the panacea for financial transactions. API integration has also shown that more open growth in banking is possible.

Read more: Open banking APIs help corporate clients ‘in, out and in’

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