Financial Data Exchange (FDX) Reports 53 Million Consumer Accounts Use FDX API

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FDX API continues to drive open banking with further growth on the horizon

RESTON, Va., April 28, 2023 (GLOBE NEWSWIRE) — The Financial Data Exchange (FDX) today reports that 53 million consumer accounts are now using its FDX API for open finance data sharing. Since FDX’s last report in October 2022, nearly 11 million additional consumer accounts were transitioned to the FDX API. FDX also reports that API calls have increased to 3.6 billion per month, depicting the continued expansion of data usage in the FDX API.

“The continued rapid adoption of FDX in North America is a testament to both the value of a common standard as well as the commitment of our members to the promise of open finance,“ says FDX Managing Director Don Cardinal. 

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Today’s announcement stems from FDX’s Spring 2023 FDX API Implementation Metrics Survey, which compiles 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 in late Spring to include version 5.3 of the FDX API. FDX API currently defines approximately 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 230 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.

About FDX

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

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