The Financial Data Exchange (FDX) welcomed 25 new members between August 1 and December 31, 2019, bringing the total membership to 82 organizations that have committed to collectively transitioning to a modern, transparent and secure data sharing approach. Since its launch in October 2018, FDX has more than tripled its membership.
FDX represents an industry-wide movement to enhance consumer and business controls of financial data, through its FDX API and technical standards that prioritize the group's Five Core Principles of Financial-Data Sharing – Control, Access, Transparency, Traceability and Security.
The growing membership is also reflected in the rapid adoption of the FDX API, as data sources, such as financial institutions, and data service providers (aggregators) are collectively transitioning to this modern data sharing standard. In October 2019, members reported over 5.26 million U.S. customers on the standard and were expecting to have it rolled out to 8 million customers by late 2019 and approximately 12 million by April 2020.
"Working together as an industry, we provide consumers and businesses with better transparency, security and control over their financial data, while eliminating access barriers for innovators," said Don Cardinal, Managing Director of the Financial Data Exchange. "Recently-signed data sharing agreements by our member firms are verifiable steps towards a credential sharing-free future all members are working toward."
The newest members to commit to the FDX API and secure data-sharing standard are (in alphabetical order): Ally, Apiture, BillGO, Cloudentity, CloudVector, Codat, Connexussecure, DAPI, Discover, EarnIn, Forge Rock, Independent Community Bankers of America (ICBA), Innovecture, MassMutual, Mazooma, M Science, MyFinApps, Ping Identity, TransUnion®, TrueLayer, Validifi, VantageScore Solutions LLC, Verify My Banks. A list of all members can be found here.
For more information on the Five Core Principles of Financial-Data Sharing and how they should be put into practice, download the new FDX White Paper, available here.