Article: FDX,Reports 16 Million Consumers Using API,Claims Canada,US lead in Open Banking Adoption

Money, Open Governance

FDX, Reports 16 Million Consumers Using API, Claims Canada, US lead in Open Banking Adoption

The Financial Data Exchange (FDX), an organization that aims to bring the financial industry under a common standard for financial data access, has claimed Canada and the United States are “global leaders” in open banking adoption.

FDX, which only operates in the United States and Canada, recently reported 16 million consumers in Canada and the United States are using its FDX API for open banking and open finance data sharing. Headquartered in Reston, Virginia, FDX aims to bring together financial institutions, FinTech firms, and other stakeholders around a common standard for data sharing across the entire financial industry.

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Article: Open Banking Paves the Way for the Democratization of Financial Services

Money, Open Governance

Open Banking Paves the Way for the Democratization of Financial Services

Open Banking has dramatically changed the way people and businesses manage their money, leading the democratization of the financial services market. Traditionally, a select group of major banks have controlled all the financial data of their customers, making it difficult for new, innovative fintech and financial services providers to break into the market.

Now, Open Banking is putting the power of financial data back into users’ hands, transforming the financial services industry as we know it. Popular apps like Venmo, Mint and SoFi show the value Open Banking can bring to consumers when they can more easily manage and transfer funds.

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