FDX hails ‘milestone’ in consumer accounts using its API

The Financial Data Exchange (FDX) has reported that 76 million consumer accounts are now actively using its FDX API for secure Open Finance data sharing in the US and Canada.

That means, since its last report in October 2023, an additional 11 million consumer accounts have transitioned to the FDX API.

In April 2023, FDX revealed that 53 million consumer accounts were using its common, interoperable standard.

FDX said it anticipates that this growth trajectory will continue.

The latest number is based on FDX’s Spring 2024 FDX Adoption Metrics Survey, which compiles data from more than 230 FDX member organisations.

Don Cardinal of Financial Data Exchange

Don Cardinal, managing director of FDX, called the figure a “milestone”.

He said: “76 million consumers using the FDX API is a testament to the 230-plus member organisations’ belief in the mission of secure consumer-permissioned data sharing.”

In December last year, FDX released version 6.0 of its API, which includes extended fraud notification, more options for payment network data, updates to tax documentation, corporate and treasury support, and the first payroll data structures.

At the time, Cardinal said: “The amount and pace of innovation from our members continues to amaze.

“It is a testament to the impact of all members, big and small, on the specs.”

FDX’s Don Cardinal is speaking at Open Banking Expo Canada on June 11 in Toronto. Find out more about the agenda, speaker line-up and how to get your tickets here.