Financial Data Exchange: 28 Million US Consumers Now Use Its API for Open Banking Data Sharing

FDX has reported 28 million consumer accounts now using its FDX API for open finance and open banking data sharing, a press release says.

The group says more than a million new accounts have been transitioned to the API per month.

In addition, FDX reports that the API calls increased to over 2.2 billion per month, which shows an expansion of data usage.

Today’s announcement comes from the FDX Fall 2021 API Implementation Metrics survey, which compiles reporting data from the members.

FDX is currently on version 5.0 of the API, which has boosted the market standardization of financial data sharing regarding consent, user control and consumer dashboards. It also works to align with global standards.

“The financial services industry is continuing to implement the FDX API at a rapid rate,” says FDX Managing Director Don Cardinal. “It’s exciting to see our vision for FDX as a non-profit industry standards body with a common, interoperable and royalty-free API coming to fruition,” added Cardinal. “The collaborative work of our members provides enormous benefits to the financial data ecosystem.”

Cardinal added that there was consumer demand to share financial data with FinTech apps that has kept growing.

The company said it was “only fitting” for the financial industry to occupy the role of making new rules for technical means and methods to accomplish data sharing.

Cardinal says the FDX API expansion would include future regulations put in place by policymakers or regulators. It will also allow for new tech and market innovations to continue.

PYMNTS wrote that the growth in API adoptions as well as online banking tools have seen businesses and consumers opening their eyes to the benefits of a world in which traditional banks aren’t the be-all-end-all of financial transactions. API integration has also shown that more open banking growth is possible.

Read on: Open Banking APIs Help Corporate Clients ‘Get In, Get It Done And Get Out’