Giving consumers and businesses more control over their financial data is at the heart of open banking initiatives around the world. It’s also what FDX is doing, working across all corners of the financial services ecosystem to create a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their ﬁnancial data.
The real winners in this mission? Millions of consumers and small businesses who wish to use and build innovative financial applications that help improve financial health and securely manage financial data – all while keeping data safe and secure using a royalty-free standard application. We’re proud of the progress we’ve made sparking collaboration among financial institutions, fintechs, associations and other industry groups to make this a reality.
But how does it get done in practice, when it’s not just an ideal espoused in the press, at industry roundtables and in the regulatory community? What’s our technological weapon of choice that delivers efficiency, security, transparency and control?
The humble Application Programming Interface (API).
We love APIs. They connect different organizations and standardize the data streams between them. Our own API – the FDX API –continues its momentum, securing its place as the intermediary standard to help consumers and the businesses that serves them.
Our new quick guide, “The ABC’s of APIs” illustrates the basic concept of APIs and helps to explain how we’re working to transform the way financial data is shared. It provides clear, concise examples of how the FDX API helps consumers maximize the benefits promised by financial technology advancements and do so in a way that keeps their data safe – shared only with the companies and applications they choose. Fintechs, community banks, start-ups and other financial industry participants will greatly benefit from the royalty-free standard the FDX API provides.
If you’re looking for a primer on what an API is, how it works and the potential it has to transform the financial industry, we encourage you to download and read “The ABC’s of APIs.” You’ll get a peek under the hood here at FDX and learn more about the vision driving our passion. it’s a smart investment in time!