Financial Data Exchange, a non-profit organization that is 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, announced on Monday it welcomed 25 new members between August 1st and December 31st, 2019, bringing the total membership to 82 organizations. The new members included big names in the financial industry, including Ally, Discover, MassMutual, and TransUnion.
Founded in 2018, the Financial Data Exchange was created on the “idea” that consumers and businesses should have easier, more secure access to their financial data. The organization claims through its Durable Data API (DDA) and technical frameworks, it is unifying the leading financial institutions, fintechs, and others around a common standard for data sharing across the financial industry.
The platform also revealed that In October 2019, members reported over 5.26 million U.S. customers on the standard and were expecting to have it rolled out to 8 million customers by late 2019 and approximately 12 million by April 2020.
Other new members on the Financial Data Exchange were also EarnIn, Forge Rock, Independent Community Bankers of America (ICBA), Innovecture, MassMutual, Mazooma, M Science, MyFinApps, Ping Identity, TransUnion®, TrueLayer, Validifi, VantageScore Solutions LLC, Verify My Banks. Don Cardinal, Managing Director of the Financial Data Exchange, then added:
“Working together as an industry, we provide consumers and businesses with better transparency, security and control over their financial data, while eliminating access barriers for innovators. Recently-signed data sharing agreements by our member firms are verifiable steps towards a credential sharing-free future all members are working toward.”
