RESTON VA – September 1, 2021 - The Financial Data Exchange (FDX) today reports that 22 million consumer accounts are now using its FDX API for open finance data sharing. Since FDX’s last report in April 2021, over 1 million additional consumer accounts per month were transitioned to the FDX API, representing an increase of 6 million more consumer accounts using the FDX API today since this spring. FDX also reports that API calls have surged to just shy of 2 billion per month which illustrates the expansion of data usage in the FDX API.
“Our growth is a testament to the power of market-led standards,” says FDX Managing Director Don Cardinal. “The financial services ecosystem is seeing growing consumer demand for fintech apps that use a consumer’s own data to power financial management services, payments, credit decisioning and more, so it is fitting that the industry has come together to define and implement a common, interoperable and royalty-free API standard to meet this demand through FDX.”
Today’s announcement comes from FDX’s Summer 2021 FDX API Implementation Metrics survey which compiles reporting from FDX’s almost 200 members. The FDX API is free to view and use, but the survey does not include non-FDX member data.
“Whether it is Bluetooth, USB, EMV-Chip cards or an open finance API, the industry is always best positioned to define technical standards, or the means and methods, to deliver products and services to consumers in the most efficient manner possible,” adds Cardinal.
FDX is expected to issue its fall product release later this year which will include version 5.0 of the FDX API as well as updated user experience guidance and other standards updates. The FDX API currently defines over 620 unique financial data elements so that consumers can use and share a wide range of their own financial data to benefit their financial lives. FDX has a global membership and predominantly operates in the US and Canada.
“With the increasing likelihood that Canada and the US will soon issue regulations related to open banking and open finance, the growth of FDX API implementations shows that the market is already working together to provide a secure and consumer-centric API and a non-profit venue where the industry can continue to collaborate to adapt data sharing standards based on regulatory requirements, new technology and market innovations,” adds Cardinal.
FDX is comprised of 197 financial industry members and stakeholders and the FDX board includes Bank of America, Citi, Capital One, Envestnet | Yodlee, Experian, Fannie Mae, Fidelity, Finicity, FS-ISAC, Interac, Intuit, JPMorgan Chase, MX, Plaid, PNC, Quicken Loans, Royal Bank of Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA, US Bank, Wells Fargo, Xero, and a rotating observer-level seat for consumer advocacy groups.
Financial Data Exchange, LLC (FDX) is a non-profit organization operating in the US and Canada 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. FDX empowers users 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, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.