Financial Data Exchange (FDX) Reports 32 Million Consumer Accounts on FDX API to Power Open Banking and Open Finance

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RESTON, Va.–(BUSINESS WIRE)–Financial Data Interchange (FDX) today reports that 32 million retail accounts are now using its FDX API for sharing open financial data. Since FDX’s last report in January 2022, nearly 1 million additional retail accounts per month have migrated to the FDX API, representing an increase of 4 million additional retail accounts using the FDX API today . FDX also reports that API calls have grown to 2.9 billion per month, illustrating the continued expansion of data usage in the FDX API.

“FDX’s most recent adoption metrics show that FDX’s common, interoperable, industry-led, and market-focused API standards continue to lead the way for the secure sharing of consumer data in the marketplace” , says Don Cardinal, CEO of FDX. “Industry continues to be in the best position to set standards and advance adoption pending guidance from the CFPB.”

Today’s announcement comes from FDX’s Spring 2022 FDX API Implementation Metrics survey which compiles reports from over 200 FDX members. The FDX API is free to access and use, but the survey does not include data from non-FDX members.

FDX is expected to release its latest product release later this summer, which will include FDX API version 5.1 along with updated user experience guidance and other standards updates. The FDX API continues to grow and currently defines over 660 unique financial data elements so consumers can use and share a wide range of their own financial data to benefit their financial life. FDX has a global membership and operates primarily in the United States and Canada.

“Consumer demand for banking and finance apps that use a consumer’s own data to power financial management services, payments, credit decisioning and more, continues to grow. The continued and growing implementation of a common, interoperable, royalty-free API standard to meet this demand, through FDX, is the most effective way for the industry to continue progress on this front,” adds Cardinal.

FDX is made up of over 200 members and financial industry stakeholders. FDX Board of Directors Includes Bank of America, Citi, Capital One, Envestnet | Yodlee, Experian, Fannie Mae, Fidelity, Finicity, FS-ISAC, Interac, Intuit, JPMorgan Chase, MX, Plaid, PNC, Rocket Mortgage, Royal Bank of Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA , US Bank, Wells Fargo, Xero, and a rotating observer-level seat for consumer advocacy groups.

About FDX

Financial Data Exchange, LLC (FDX) 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 to consumers and businesses 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.

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