Consumer accounts using FDX API hits 22m

The Financial Data Exchange (FDX) has reported that 22 million consumer accounts are using its FDX API for open finance data sharing, while API calls have soared to nearly 2 billion per month.

The latest figures, from FDX’s Summer 2021 FDX API Implementation Metrics survey which compiles reporting from FDX’s almost 200 members, show that more than 1 million additional consumer accounts per month were transitioned to the FDX API since its April report.

That represents an increase of 6 million more consumer accounts using the FDX API since Spring this year.

FDX managing director Don Cardinal said the growth is “testament to the power of market-led standards”.

“The financial services ecosystem is seeing growing consumer demand for fintech apps that use a consumer’s own data to power financial management services, payments, credit decisioning and more, so it is fitting that the industry has come together to define and implement a common, interoperable and royalty-free API standard to meet this demand through FDX,” Cardinal added.

FDX, which operates in the US and Canada, is comprised of 197 financial industry members and stakeholders and earlier this week announced the appointment of Jason Chomik to serve as director of its Canadian operations.

“With the increasing likelihood that Canada and the US will soon issue regulations related to Open Banking and open finance, the growth of FDX API implementations shows that the market is already working together to provide a secure and consumer-centric API and a non-profit venue where the industry can continue to collaborate to adapt data sharing standards based on regulatory requirements, new technology and market innovations,” said Cardinal.

The organisation confirmed that it will issue its fall product release later this year, which will include version 5.0 of the FDX API, as well as updated user experience guidance and other standards updates.