The American Bankers Association has joined the Financial Data Exchange, the exchange announced today. ABA is one of eight organizations, among them Mastercard, Visa and SunTrust Banks, that joined FDX this summer. “Consistent with ABA’s principles, the industry-led development of API standards is an important step in giving consumers secure and transparent control when they share their personal financial data,” commented ABA VP Rob Morgan.
FDX is a nonprofit organization dedicated to consumer control of financial data through an open banking API and technical standards that prioritize security, transparency and user experience. In June, the Open Financial Exchange joined FDX to align work on an industrywide standard. FDX’s members include America’s largest banks, as well as major nonbank fintech platforms, insurers, payment networks and trade associations. Read ABA’s Fintech Playbook white paper on APIs.