Fintech North America

Financial Services Firms in Canada are Moving to Adopt FDX Technical Standards for Secure Financial Data Sharing

Financial Data Exchange, LLC (FDX) has officially launched in Canada, with 31 organizations leading the country’s financial services ecosystem in joining FDX and taking part in its mission to develop a secure, common, interoperable, flexible and royalty-free industry standard for financial data sharing.

“The launch of FDX Canada proves the success of this industry-led initiative to bring leading organizations in the Canadian financial services ecosystem together around a common financial data sharing standard that
will protect consumers and business and simplify their banking experiences” said Don Cardinal, Managing Director of Financial Data Exchange.

The companies joining as initial members of the FDX Canada Working Group and to inaugurate FDX Canada are (in alphabetical order): Blanc Labs, Bank of Montreal, Capital One, CIBC, Desjardins, EEI, Envestnet | Yodlee, Equitable Bank, Finicity, FinTech Growth Syndicate (FGS), Flinks, Interac Corp., Intuit Canada, Inverite, KOHO, Mastercard, MX, National Bank of Canada, Ninth Wave, Ozone API, Plaid, Royal Bank of Canada, SecureKey, Simplii Financial, Tangerine Bank, TD Bank Group, TrueLayer, TWG, Verify My Banks, Visa and Xero. With this milestone, the North American financial industry continues to align around the FDX API, which has been adopted by over 100 firms and rolled out to approximately 12 million consumers in the United States.

FDX was organized to empower consumers and small businesses so that they can more readily and securely achieve their financial goals, access capital, manage their finances, and improve their financial health. Specifically, and to ensure FDX always serves the best interests of consumers, FDX’s work and operations are based on five core principles: Control, Access, Transparency, Traceability and Security.

The FDX Canada Working Group is open to Canadian financial industry participants involved in secure, consumer-directed finance and will work within FDX to help ensure that uniquely Canadian market requirements are accurately reflected in the development and maintenance of the FDX API standard.

“We’re inviting all participants in Canada’s financial services ecosystem to join us and are thankful for those members that have helped us launch here,” added Cardinal.

To ensure broad representation, the steering level of the organisation is comprised of financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and other permissioned parties in the consumer-directed finance ecosystem. Accordingly, Rami Thabet, Vice President of Digital Product at Royal Bank of Canada and Oscar Roque, Vice President of Strategy, Trends & Emerging Solutions at Interac Corp. have joined FDX’s Board of Directors as representatives of the FDX Canada Working Group. This structure maintains FDX’s model of shared leadership between financial institutions and non-financial institutions throughout the FDX organisation to include the board, its committees and associated working groups.

In a similar manner, Kashmera Self, Associate Vice President of Strategy & Emerging Solutions Delivery at Interac Corp. will serve with Franklin Garrigues, Vice President, Digital Channels at TD Bank Group as Co-Chairs of the FDX Canada Working Group. Finally, a local coordinator of the FDX Canada Working Group will join the organization later this year and will be tasked with supporting the Working Group members in overseeing the development of the FDX API standard in Canada.

Royal Bank of Canada and Interac Corp. join additional members of the FDX Board of Directors, including: Bank of America, Capital One, Charles Schwab, Citigroup, Experian, Fannie Mae, Fidelity Investments, Finicity, Fiserv, FS-ISAC, Intuit, JPMorgan Chase, Plaid, PNC Bank, N.A., Quicken Loans, SIFMA, TD Bank Group, The Clearing House, Truist, USAA, U.S. Bank, Wells Fargo, Xero and Envestnet | Yodlee.

Author

  • Editorial Director of the The Fintech Times

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