Financial Data Exchange (FDX) Reports 42 Million Consumer Accounts on FDX API to Continue Driving Open Banking
RESTON, Va.–(BUSINESS WIRE)–The Financial Data Exchange (FDX) today reports that 42 million consumer accounts are now using its FDX API for open finance data sharing. Since FDX’s last report in June 2022, nearly 10 million additional consumer accounts were transitioned to the FDX API. FDX also reports that API calls have grown to 3.4 billion per month, proving the sustained growth of data usage in the FDX API.
“We are thrilled at the ever-increasing adoption of the FDX standard for secure, consumer-permissioned financial data sharing. Our members are the driving force behind this level of adoption, and the credit belongs to them – their tech teams are the FDX champions who prioritized these efforts,” says FDX Managing Director Don Cardinal.
Today’s announcement stems from FDX’s Fall 2022 FDX API Implementation Metrics Survey, which collects reporting from the 200+ members of FDX. The FDX API is free to view and use, but the survey does not include non-FDX member data.
FDX’s anticipated product release will be issued later this year to include version 5.2 of the FDX API as well as updates to User Experience Guidelines with a money movement user journey and more. FDX API currently defines 660 unique financial data elements allowing consumers to securely use and share a wide range of their own financial data benefiting their financial lives.
FDX has a global membership and predominantly operates in the US and Canada, with more than 200 financial industry members and stakeholders. The FDX board includes Bank of America, Citi, Capital One, Envestnet | Yodlee, Experian, Fannie Mae, Fidelity, Finicity, FS-ISAC, Intuit, JPMorgan Chase, MX, Plaid, PNC, Rocket Mortgage, Equifax Canada, Schwab, SIFMA, TD Bank, The Clearing House, Truist, USAA, US Bank, Wells Fargo, Xero, National Bank of Canada, and a rotating observer-level seat for consumer advocacy groups.
Financial Data Exchange, LLC (FDX) is a non-profit organization operating in the US and Canada that is dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers users through its commitment to the development, growth, and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and security. Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.