Global payments providers Visa and Mastercard have joined the Financial Data Exchange (FDX) in a push towards open banking.
FDX has welcomed eight new members bringing total membership to 55 organisations, including fintechs, data aggregators and banking core processors.
It hopes to bring a common approach to consumer control of financial data through an open banking API. This will prioritise security, transparency and user experience.
Don Cardinal, FDX managing director, said: “There’s a lot of focus globally on secure and transparent data sharing where the consumer is in control.
“Our focus continues to be on educating the industry on the benefits of a common, consumer-first framework. With each new member, we get closer to fully delivering that vision.”
The FDX API aims to reflect the latest thinking in financial data, from data specification to security and authentication protocols.
According to FDX, top experts in each discipline are contributing to the standard’s design. It also hopes the standard will evolve and keep pace with technological innovations and customer expectations.
The other new members of FDX include The American Bankers Association (ABA), Blanc Labs, Flinks, Mountain America FCU, Principal Life Insurance Company, and SunTrust.
FDX is a non-profit organisation 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.
Membership is open to financial institutions, fintech companies, consumer advocacy groups, and other industry participants.
Other members include the Bank of America, Capital One and JP Morgan Chase along with a host of other institutions.