FDX grows membership to 186 organisations

The Financial Data Exchange (FDX) has seen its membership increase to 186 organisations in 2021, having added another 18 members so far in 2021.

Among the companies that have joined as members are financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities, including M&T Bank, Credit Ninja, Spring Labs, Varo Bank and Smart Solution. 

FDX, which operates in the US and Canada, was founded with the aim to unify the financial industry around a common, interoperable, royalty-free standard for financial data sharing. 

It launched in 2018 with 21 founding members. 

Don Cardinal, managing director of the Financial Data Exchange, said: “Every new FDX member brings a unique and diverse perspective to the FDX consortium and to the development, adoption, and implementation of FDX API specification. 

“As our membership expands, so does the value of the common FDX API standard because the more voices we have at the table, the better the standard becomes.” 

Cardinal added: “Common, non-proprietary and interoperable API standards are at the core of Open Banking and open finance because they ensure that consumers are able to share and use their own financial data in a consistent and uniform manner.”