SmartVault welcomed as new member of The Financial Data Exchange
HOUSTON, TX (July 8, 2020) — SmartVault, a leading provider of cloud-based document management and client portals for financial services providers was recently welcomed as a new member of Financial Data Exchange, LLC (FDX). FDX 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 financial data.
“Joining FDX is part of SmartVault’s commitment to providing the financial services industry with innovative and reliable tools to help them improve operational processes, increase cybersecurity and deliver an elevated client experience,” said Ivy Donnie, Director of Sales at SmartVault. “As a member of FDX, SmartVault is helping to shape a common standard of data sharing across the financial services industry while developing customized and secure solutions to meet the needs of industry organizations.”
FDX is an independent subsidiary of Financial Services Information Sharing and Analysis Center (FS-ISAC), which is dedicated to reducing cyber-risk in the global financial system. Members include financial institutions, fintech companies, consumer advocacy groups, and other industry participants.
“We are excited to have SmartVault join the FDX family,” said Don Cardinal, Managing Director of Financial Data Exchange. “SmartVault will join a virtual who’s who of financial industry players that are all dedicated to advancing the FDX mission and encouraging adoption of the FDX API technical standard,” added Cardinal.
As an FDX member, SmartVault commits to uphold the organization’s Five Core Principles of Data Sharing including:
- Control: Consumers should be able to effortlessly grant, modify and revoke access to their financial data for applications or services they desire to use.
- Access: Account owners should have access to their data and the ability to determine who will have access to their data.
- Transparency: Individuals using financial services should know how, when, and for what purpose their data is used and know who they have permissioned.
- Traceability: All data transfers should be traceable. Consumers should have a complete view of all parties that are involved in the data-sharing flow.
- Security: Service providers need to ensure the safety and privacy of data during access and transport and when that data is at rest.
“Financial services providers must meet the increasing market demand for consumer-controlled, transparent, and highly secure data management,” Donnie noted. “FDX members, including SmartVault, can access the FDX application program interface and other resources to support the development of products that offer these essential elements of a consumer-first approach to financial data sharing.”
SmartVault is a leading provider of cloud-based document management and client portals serving the financial services, accounting, healthcare and education sectors. For additional information about SmartVault, please visit SmartVault.com.