RESTON, Va., April 27, 2020 /PRNewswire/ -- The Financial Data Exchange (FDX) welcomed 22 new members between January 1 and March 31, 2020, bringing the total membership to 103 organizations that have committed to collectively transitioning to a modern, transparent and secure data sharing approach.
Since its launch in October 2018 with 21 founding members, FDX has seen a nearly fivefold increase in members. 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 prioritize the group's Five Core Principles of Financial-Data Sharing – Control, Access, Transparency, Traceability and Security.
"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," said Don Cardinal, Managing Director of the Financial Data Exchange. "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 (in alphabetical order): 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. A list of all members can be found here.
For more information on the Five Core Principles of Financial-Data Sharing and how they should be put into practice, download the new FDX White Paper, available here.
About FDX Financial Data Exchange, LLC is a non-profit organization dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers consumers through its commitment to the development, growth and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability and security. Membership is open to financial institutions, fintech companies, consumer advocacy groups, and other industry participants. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.