The best way to tell the FDX story is through the voice of our members. Welcome to the FDX Member Spotlight series, in which we sit down with some of the professionals from FDX member firms who juggle the responsibility of their day jobs with developing, integrating and implementing the FDX standard for the benefit of consumers and the entire financial services industry. We ask them about their experiences, goals and thoughts on the process.
Ravneet Singh, Chase, Product Manager, Technical API Strategy
Why did Chase join FDX?
Ravneet Singh: FDX gives banks, fintechs, data access providers (aggregators) and other financial institutions a unique forum to exchange ideas that help our customers and businesses. At Chase, we especially value the fact that FDX is focused on implementing data-sharing standards that empower consumers to have more control over their data and make smarter decisions about their finances.
How has your FDX membership benefitted Chase?
Ravneet Singh: There are many benefits that come with our FDX membership. But the most important is the API solution we developed with FDX. That API helps protect our customers’ financial information while they use apps and enables them to make smarter money decisions.
What’s Chase’s experience with implementing the FDX API?
Ravneet Singh: Chase has created a secure API aligned with the FDX standard. This API creates a safe link through which customers can share specific account information from only accounts that customers choose.
How are you using the FDX API?
Ravneet Singh: Prior to the launch of FDX in 2018, Chase had been working with a variety of apps and companies to reach agreements to use our API to connect to customer accounts. Once FDX was born, the organization helped accelerate API adoption and we’ve made sure our API aligns with FDX standards.
To date, 3.8 million Chase customers securely share their data through our API. We’ve also created a dashboard, called AccountSafe, that shows customers at a glance what data and accounts they’ve given access to apps and companies. The tool also gives them the ability to revoke that access at any time.
How does Chase’s secure API help your customers?
Ravneet Singh: Chase’s secure API gives customers more visibility and greater control as they use various personal finance apps or companies for budgeting, investing, accounting or tax preparation. It also allows consumers to share financial information without having to share their username and password directly with third parties.
Our AccountSafe dashboard gives our customers an instant snapshot of all API-enabled apps they’ve allowed to access their Chase account information. This transparency enables customers to see:
- Which apps are accessing their information
- What information they’re sharing with each app
- Which accounts they’re sharing information from
- When they started sharing data with the app
- When each app last accessed the information
- How to stop sharing information with each app
Where do you see the industry going?
Ravneet Singh: Three letters: API. There is no other secure solution that gives consumers as much visibility and control over how their financial data is shared with third parties. The FDX standard will continue to lead this trend, ensuring that consumers can securely share data without needing to give away their bank username or password ever again.