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Financial Data Exchange Adds 11 New Members Including The ID Co.

June 17, 2019 | FinTech

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Financial Data Exchange Adds 11 New Members Including The ID Co.

The Financial Data Exchange added 11 new members between February 1 and April 30, 2019, bringing the total membership to 47 organisations spanning the full breadth of the financial services ecosystem, from financial institutions to data aggregators, and banking core processors to fintechs.

FDX is leading an industry wide commitment to enhance consumer controls of financial data through an Application Programming Interface (API) and technical standards that prioritise security, transparency and user experience.

The newest members to commit to the FDX API and secure data-sharing standard are: A.T. Kearney, Cequence Security, Emburse, Early Warning Services, LLC, FICO, Financial Apps, Finovera, H&R Block, Levvel, MX and The ID Co.

“Momentum is building behind our standard as more financial services firms see the importance of a consumer-centric, secure and flexible approach to financial data aggregation and sharing,”

said Don Cardinal, managing director of FDX.

“We’ve also now made it possible for anyone to access the FDX API specification for free, but becoming a member is still the best way to help shape the industry’s solution to a more open financial ecosystem.”

James Varga, CEO of The ID Co said:

"In light of the success of our recent funding round, the United States is the next step for us as we look to continue growth, and win new customers. Joining the FDX was a logical step for us, and we look forward to working with members and stakeholders to influence discussion on open APIs within the north American market."

The FDX API reflects the latest thinking in the financial data sharing space, from the data specification to the security and authentication protocols. Top experts in each discipline are contributing to the standard’s design, and the FDX working groups ensure that the standard continues to evolve and keep pace with technological innovations and consumer expectations.

The FDX board of directors includes sustaining members Bank of America, BB&T, Capital One, Charles Schwab, Citigroup, Experian, Fannie Mae, Fidelity Investments, Finicity, Fiserv, FS-ISAC, Intuit, JPMorgan Chase, PNC Bank, N.A., Quicken Loans, Plaid, SIFMA, TD Bank, The Clearing House, USAA, U.S. Bank, Wells Fargo, Xero and Yodlee.

FDX welcomes organisations across the financial services industry to join FDX and implement its API. For more information, visit www.financialdataexchange.org.

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