RESTON, Va.–(BUSINESS WIRE)–Financial Data Interchange (FDX) today reports that 28 million consumer accounts are now using its FDX API for open finance and open banking data sharing. Since the group’s last report, more than one million additional retail accounts have been migrated to the FDX API per month, representing an increase of six million additional retail accounts using the FDX API. FDX also reports that FDX API calls have increased to over 2.2 billion per month, indicating an expansion of data usage in the FDX API.
“The financial services industry continues to implement the FDX API at a rapid pace,” says FDX Managing Director Don Cardinal. “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.”
Today’s announcement stems from FDX’s Fall 2021 FDX API Implementation Metrics Survey, which compiles reporting data 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.
“Consumer demand to share financial data with fintech apps continues to grow. Therefore, we believe it is entirely appropriate for the financial industry to take on the role of defining the technical means and methods to achieve consumer-centric financial data sharing via FDX,” Cardinal added.
FDX is currently on version 5.0 of the FDX API, which greatly increases the standardization of the financial data sharing market around consent, user control and consumer dashboards, and aligns with other global standards. The FDX API covers over 620 financial data elements so consumers can use and share a wide range of their own financial data to their advantage.
“The expansion of the FDX API implementation illustrates what can be accomplished when the financial industry works together to define technical standards for sharing consumer financial data. The FDX API will include all future regulatory requirements put in place by policy makers or regulators while allowing new technologies and market innovations to proceed rapidly,” said Cardinal.
FDX has a global membership and operates primarily in the United States and Canada. The organization is made up of more than 200 financial industry members and stakeholders, and FDX’s 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, Quicken Loans, Royal Bank of Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA, US Bank, Wells Fargo, Xero, and a rotating seat at the observer level for consumer advocacy groups.
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.