Financial Data Exchange (FDX) Reports 42 Million Account Buyers on FDX API to Continue Driving Open Banking | So Good News
RESTON, Va.–(BUSINESS WIRE)– The Financial Data Exchange (FDX) today reports that 42 million consumer accounts are now using its FDX API to share financial information. Since the last FDX report in June 2022, approximately 10 million additional accounts have been converted to the FDX API. FDX also reports that API calls have grown to 3.4 billion per month, confirming the continued growth of data usage in the FDX API.
“We are very pleased with the increase in FDX’s standard for safe, authorized data sharing with consumers. Our members are the driving force behind the adoption, and the credit goes to them – their technical teams and FDX experts who made this a priority,” said the Managing Director. of FDX Don Cardinal.
Today’s announcement comes from FDX’s Fall 2022 FDX API Implementation Metrics Survey, which collects reports from 200+ FDX members. The FDX API is free to view and use, but this survey does not include non-FDX members.
FDX features are expected to be released later this year to include version 5.2 of the FDX API as well as updates to the User Guide and user experience and more. The FDX API currently defines 660 unique financial data elements that allow consumers to securely use and share their financial information that benefits their financial lives.
FDX has a global membership and operates primarily in the US and Canada, with over 200 financial and stakeholder members. The FDX Group 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 roundtable of consumer advocacy groups.
Financial Data Exchange, LLC (FDX) is a non-profit organization operating in the US and Canada that is dedicated to connecting the financial industry in a common, integrated, fee-free way so that consumers and businesses can have safe and easy access to their money. . FDX empowers users by committing to the development, growth, and 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 business partners. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.