The Financial Data Exchange (FDX) – a non-profit of banks, fintechs and financial services firms aiming to drive standards around data sharing – announced it welcomed eight new members between May 1 and July 31, 2019.
Welcoming eight new organisations takes its total membership numbers to 55 organisations spanning across the payments ecosystem, from financial institutions to data aggregators, banking core processors and fintechs.
FDX was established on the idea that consumers and businesses should have easier, more secure access to their financial data.
It has been developed to unite industry players and tackle consumer control of financial data through an open banking API and technical standards that prioritise three key components – security, transparency and user experience.
The newest members include: The American Bankers Association (ABA), Blanc Labs, Flinks, Mastercard, Mountain America FCU, Principal Life Insurance Company, SunTrust and Visa.
“There’s a lot of focus globally on secure and transparent data sharing where the consumer is in control,” said Don Cardinal, FDX managing director.
“Our focus continues to be on educating the industry on the benefits of a common, consumer-first framework. With each new member, we get closer to fully delivering that vision.”
For organisations or individuals looking to learn more about secure financial data sharing, FDX published the “ABCs of APIs” a whitepaper produced to educate those wanting to learn on financial industry APIs.
The FDX board of directors includes: Bank of America, BB&T, Capital One, Charles Schwab, Citigroup, Envestnet | Yodlee, Experian, Fannie Mae, Fidelity Investments, Finicity, Fiserv, FS-ISAC, Intuit, JPMorgan Chase, Plaid, PNC Bank, N.A., Quicken Loans, SIFMA, TD Bank, TCH, USAA, U.S. Bank, Wells Fargo and Xero.
