TORONTO--(BUSINESS WIRE)--The Financial Data Exchange (FDX) today announced that it has hired Jason Chomik to serve as Director of its Canadian operations and to lead FDX’s Canadian financial services ecosystem members in further developing the FDX API for use in Canada. Chomik comes to FDX after 25 years in the payments and digital transformation industry and is based in Toronto.
“We are thrilled that Jason has accepted this position and look forward to his leadership,” said Kashmera Self, Associate Vice President, Strategy & Emerging Solutions Delivery at Interac and Franklin Garrigues, VP Digital Channel at TD Bank who serve as co-chairs of the FDX Canada Working Group. “We searched very deliberately to find a Canadian Director who could navigate Canada’s diverse financial ecosystem and build deep collaboration so that all of Canada’s financial firms can benefit from common, interoperable and non-proprietary technical standards for open banking in. We think Jason is a perfect fit for the role,” added Self and Garrigues.
FDX has developed technical data sharing standards for use in open banking and open finance frameworks that empower consumers to better understand, leverage, and benefit from their own financial data and improve their financial lives. The mission of FDX’s Canada working group is to develop and adapt FDX’s financial data sharing standards for the Canadian market and to cultivate a culture of collaboration, communication, and technical inclusiveness across the Canadian financial services ecosystem in development of the standards.
“I am so thankful for this opportunity to lead FDX’s Canadian financial technical standards work,” said Chomik. “Bringing diverse Canadian financial industry players to one table to collaborate on technical standards and ensure that all voices are heard and represented will be key to the success of developing a technical framework that works for Canadians," added Chomik.
In addition to leading FDX’s Canadian work and serving FDX’s Canadian members, Chomik will continue FDX’s work to ensure that all Canadian financial services firms, regardless of firm size or resources, have the ability to meaningfully participate in FDX technical standards development. Chomik will also serve as FDX’s primary executive in engagement with the overall Canadian financial services ecosystem, Canadian policymakers and regulators and other Canadian stakeholders.
“I look forward to working with our Canadian members along with the regulators, policymakers and stakeholders who have been engaged in the Canadian open banking and consumer-directed finance consultations to ensure that market-led technical standards and any future open banking regulations in Canada are able to work together seamlessly,” said Chomik.
FDX seeks to earn the role as the Canadian market’s preferred standard for financial data sharing by providing a market-led model for technical standards that are able to keep pace with ever evolving financial innovation. FDX does not engage in lobbying or policy advocacy but seeks to educate policymakers and stakeholders about FDX’s technical standards. FDX’s technical standards can accommodate and work in parallel to any policy or regulatory actions taken by the Canadian government related to open banking and consumer-directed finance.
FDX’s launched its Canada working group in July of 2020 with 31 organizations from Canada’s financial services ecosystem including a wide array of fintech firms, leading banks, credit unions and financial data aggregators. In the year since FDX’s Canada launch, FDX’s Canada working group membership has grown to 60 financial services organizations. FDX recently released version 4.6 of the FDX API which now covers over 620 unique financial data elements that consumers can share and utilize. FDX’s current international membership exceeds 190 financial firms and 16 million consumer accounts are currently using the FDX API for financial data sharing in the U.S. and Canada.
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.