The Financial Data Exchange (FDX) has announced its Spring release of FDX API 4.6 which includes a new credit management use case and coverage of more than 600 unique financial data elements.
FDX, which operates in the US and Canada, releases updates to its API twice a year following working sessions of its global financial industry membership to “identify and develop enhancements and updates to the API in line with market demand”.
It was founded with the aim to unify the ﬁnancial industry around a common, interoperable, royalty-free standard for financial data sharing.
The new components of the FDX Spring release include FDX API 4.6, which completes FDX’s payment services infrastructure and includes full functionality for money movement, such as bill pay and internal transfers. It confirmed that the FDX API now covers in excess of 620 unique financial data elements that consumers can share and use.
The new FDX credit management use case defines minimum required data needed for credit management and servicing applications, which FDX said “accelerates the replacement of physical document requirements with digital data”, with applications including verification of account, cash flow analysis, fraud prevention and lender underwriting.
Don Cardinal, managing director of FDX, said: “FDX’s Spring release represents a further maturation of our industry-led FDX API and a deepening of financial industry collaboration on consumer financial data sharing standards.
“By any metric, the FDX API is now the most robust open finance API in the world.”
Earlier this month, the FDX revealed it had grown its membership to 186 organisations this year so far.
Dinesh Katyal, FDX’s director of product, added: “FDX API 4.6 represents months of work by FDX members across the financial industry spectrum and will ultimately benefit consumers by giving them a more consistent, secure and familiar data sharing experience.”
Another component of the Spring release is the taxonomy of permissioned data sharing 1.1, which seeks to align industry stakeholders, regulators and policymakers around common terms that define the various roles and processes within consumer data sharing.
Certification Model for Data Providers 1.0 is due to launch by the end of 2021 and establishes the foundation and methodology for data providers to eventually seek FDX certification for all FDX API integrations.