Financial Data Exchange (FDX), 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 Tuesday it has welcomed 18 new members since the beginning of 2021, bringing its total membership to 186 organizations. According to the organization, members include financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities and other stakeholders.
As previously reported, the FDX 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.
“Since its launch in the Fall of 2018 with 21 founding members, FDX has seen its membership and the adoption of the FDX API grow rapidly as data providers, such as financial institutions, data access platforms, like financial data aggregators, and data recipients such as fintech apps, are collectively transitioning to the standard in the US and Canada.”
Some of the new members that have joined in 2021 include Concord Advice, Credit Ninja, eMoney, Jack Henry, Levvel, M&T Bank, OppFi, Orum, Plenee, Salt Security, Singular Key, Smart Solution, Spring Labs, Star Point, The Infinite Kind, The Pathfinder Group, Utluna Solutions, and Varo Bank. Speaking about the new members, Don Cardinal, Managing Director of the Financial Data Exchange, added
“Every new FDX member brings a unique and diverse perspective to the FDX consortium and to the development, adoption, and implementation of FDX API specification. As our membership expands, so does the value of the common FDX API standard because the more voices we have at the table, the better the standard becomes.