The Financial Data Exchange (FDX) has welcomed 22 new members between January 1 and March 31, 2020, bringing the total membership to 103 organisations.
In signing up, the firms have committed to collectively transitioning to a modern, transparent and secure data sharing approach.
It builds on a successful period following its launch in October 2018, which has seen the body’s 21 founding members enjoy a nearly fivefold increase in affiliates.
The growing membership is also reflected in the rapid adoption of the FDX API, as data providers, such as financial institutions, and data access platforms (aggregators), are collectively transitioning to the standard. This translates to more than 12 million U.S. consumers, who are now accessing their financial data through FDX’s standard.
FDX represents an industry-wide movement to enhance consumer and business control of financial data, through its FDX API and technical standards that prioritise the group’s Five Core Principles of Financial-Data Sharing – Control, Access, Transparency, Traceability and Security.
Don Cardinal, Managing Director of the Financial Data Exchange commented: “We’re continuing to see strong momentum behind the adoption of the FDX API as more firms see the importance of supporting an interoperable, secure data sharing standard.
“From tax software companies, payments systems operators, retirement administrators, and fintechs, there is growing diversity in the companies that comprise our community and we look forward to their participation.”
Some of the new members that joined in the first quarter of 2020 are: Back in the Black, Bank Policy Institute, Computer Services, Inc. (CSI), Consumer Edge, Datapro, Inc., GT Software, ibbie, Inlet, Interac Corp., MicroBilt, Nivelo Tech Inc, PAi Retirement Services, PayPal, Petal Card, PointServ, SecureKey, Sovos, and Xtensifi.
