RESTON VA – June 15, 2023 - The Financial Data Exchange (FDX) has announced its Spring release of FDX API 5.3. Among other things, this updated version of the API provides more account details, an expansion of the Consent API, new Data Minimization Guidelines, and Certification Requirements for Data Access Platforms. It also adopts FAPI as an available standard for FDX API implementers.
FDX API updates, released twice a year, originate with the work of FDX’s global financial industry membership across more than 30 different technical working groups and task forces to identify and develop enhancements and updates to FDX standards to meet market needs.
"FDX API 5.3 demonstrates our dedication to innovation, featuring the prioritization of real-time traffic, enriched error codes, and broadened support for digital assets, all while reinforcing our commitment to security," said Jean-Paul LaClair, Senior Director of Product. "This release continues to enhance consumer experiences by streamlining financial data exchange and incorporating data minimization guidelines, ensuring efficiency coupled with responsible data handling" added LaClair.
Some new components of the FDX API 5.3 include:
- Account and Customer Details Extension– Enhances account onboarding and customer details. More information can now be provided, such as an account’s open or close dates, as well as the customer start and last activity dates at the financial institution.
- FDX Data Minimization guidelines– Defines the principles, standards, and best practices for FDX members to minimize the data collected and used during the life cycle of an End User-permissioned data share. Published as a new document included in the API.
- Consent Grant details ↔︎ OAuth Scopes alignment – Extends the FDX Consent Framework and aligns it to the extended OAuth framework. This feature enhances the granting of Consent, Recipient Registration, and the FDX-recommended Security Profile. It also provides a standard mechanism for passing values between the authorization and resource servers.
- API Enhancements for Digital Assets – Extends account, holding and transaction type descriptions for cryptocurrencies and other digital assets as held by retail consumers.
Additionally, FDX recently reported that 53 million consumer accounts are currently using the FDX API for financial data sharing in the U.S. and Canada. FDX API 5.3 is free to access with registration.
About Financial Data Exchange
Financial Data Exchange, LLC is a non-profit organization operating in the US and Canada that is dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers users through its commitment to the development, growth, and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and security. Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.