Financial Data Exchange
The Financial Data Exchange (FDX) is a nonprofit working to unify the banking industry on an interoperable, royalty-free standard to control authorization of and access to client data.[1] FDX supports an Application programming interface (API), called the FDX API.[2] FDX is initially focused on the US and Canada, but many of its members are global, so FDX anticipates becoming a global standard.[3]
More than 200 financial industry organizations are members of FDX, and over 32 million consumer accounts use the API.[4]
Implementations
Express Web Connect + (EWC+) by Quicken
One example of an FDX implementation, called Express Web Connect + (EWC+), is replacing previous interfaces for transfer of customer data between banks and personal devices in Quicken. After a customer validates themselves to the bank, the FDX API issues a token to an authorized aggregator (e.g., Quicken) to use for a limited period of time, removing the need for the aggregator to store the customer's identification credentials.[5]
Chase is transitioning to FDX/EWC+ with Quicken as of summer 2022, with final transition planned for the end of September 2022.[6][7]
Many Quicken users have reported and continue to report issues with the transition to EWC+, although customers do not have enough insight into the transition process to know whether the problems are related to FDX, EWC+, the bank, Quicken, or other factors.[8]
References
- ↑ "What is the Financial Data Exchange (FDX)?". Financial Data Exchange. Retrieved 14 August 2022.
- ↑ "What data standard does FDX support?". Financial Data Exchange. Retrieved 14 August 2022.
- ↑ "Is FDX a global organization and how will it interact with other global data standard consortia?". FDX. Retrieved 14 August 2022.
- ↑ "Financial Data Exchange (FDX) Reports 32 Million Consumer Accounts Use FDX API to Power Open Banking and Open Finance". Financial Data Exchange. Retrieved 14 August 2022.
- ↑ "My explanation of the different term/services that Quicken has provides and provided in the past". Quicken. Retrieved 14 August 2022.
- ↑ "Messages about Chase account connection updates". Quicken. Retrieved 14 August 2022.
- ↑ "Why am I receiving a message about my Chase accounts?". Quicken. Retrieved 14 August 2022.
- ↑ "Copy of Letter from Quicken CEO 12-3-2021 (Schwab Issue and etc.)". Quicken. Retrieved 14 August 2022.
External links
- Financial Data Exchange [1]
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