Strengthening the country’s financial ecosystem, the Financial Data Exchange has officially launched in Canada, with 31 organizations. 

The firms will be leading the ecosystem in joining FDX and taking part in its mission to develop a secure, common, interoperable, flexible and royalty-free industry standard for financial data sharing.

Don Cardinal, Managing Director of Financial Data Exchange commented: “The launch of FDX Canada proves the success of this industry-led initiative to bring leading organizations in the Canadian financial services ecosystem together around a common financial data sharing standard that will protect consumers and business and simplify their banking experiences.

“We’re inviting all participants in Canada’s financial services ecosystem to join us and are thankful for those members that have helped us launch here,” added Cardinal.

FDX was organized to empower consumers and small businesses so that they can more readily and securely achieve their financial goals, access capital, manage their finances, and improve their financial health. Specifically, and to ensure FDX always serves the best interests of consumers, FDX’s work and operations are based on five core principles: Control, Access, Transparency, Traceability and Security.

The FDX Canada Working Group is open to Canadian financial industry participants involved in secure, consumer-directed finance and will work within FDX to help ensure that uniquely Canadian market requirements are accurately reflected in the development and maintenance of the FDX API standard.

To ensure broad representation, the steering level of the organization is comprised of financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and other parties in the consumer-directed finance ecosystem.