The American Fintech Council (AFC) has announced its membership in the Financial Data Exchange (FDX), a non-profit organization committed to developing a common technical standard for financial services in the United States and Canada. AFC, known for representing fintech firms and banks, aims to collaborate with FDX to improve open banking standards and protect consumer interests.
“Joining FDX underscores AFC’s commitment to furthering open banking, industry collaboration, and responsible, consumer-focused fintech innovation,” stated Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. He emphasized that AFC's engagement in FDX's data sharing standards will benefit its members and the broader fintech sector. Moloney added, “We are incredibly excited to join FDX and contribute to advancing secure financial data access.”
FDX is developing the FDX API, a standard that allows for secure, user-controlled financial data sharing, facilitating a seamless exchange of data across the financial ecosystem. This initiative aims to boost innovation and improve access to financial services while giving priority to user privacy and security. It seeks to increase consumer convenience and spur collaborations that encourage further innovation in financial services.
Within FDX, members participate in committees and task forces to align the FDX API standard with market innovations, jurisdictional variations, and user needs. This process ensures that the FDX API remains relevant amid the fast-paced changes in fintech.
The American Fintech Council is a prominent trade association for fintech companies and innovative banks. The council promotes a transparent and customer-focused financial system by supporting responsible innovation. It also encourages policies that foster competition and the creation of products serving underserved populations.
Financial Data Exchange aims to unify the financial industry around a common standard for accessing financial data. The organization supports the FDX API according to principles of control, access, transparency, traceability, and security, and its membership includes a wide array of industry stakeholders.