What is FDX (Financial Data Exchange)?
FDX is a nonprofit organization founded in 2018, operating in the United States and Canada. Its mission is to unify the financial services ecosystem around a common, interoperable, and royalty-free technical standard for secure consumer-permissioned financial data sharing.
The organization brings together financial institutions, fintechs, data aggregators, payment networks, and consumer advocacy groups to collaboratively develop and maintain the FDX API—the consensus-driven standard that powers open banking in the US.
Key Facts About FDX
- Founded — 2018 as an industry consortium
- Type — Nonprofit standard-setting organization
- Geography — United States and Canada
- Recognition — CFPB-recognized Standard-Setting Body (SSB)
- Standard — FDX API (royalty-free, consensus-driven)
The FDX API Standard
The FDX API is the core technical specification developed by FDX. It defines how financial institutions (data providers) can securely share consumer financial data with authorized third parties (data recipients) including fintechs and data aggregators.
Secure by Design
Built on OAuth 2.0 with support for FAPI (Financial-grade API) security profiles. Implements industry-standard encryption and authentication.
Consent-Based
All data sharing requires explicit consumer authorization. Supports granular permissions for specific data types and time-limited access.
Interoperable
Standardized data formats and endpoints ensure consistency across different implementations, reducing integration complexity.
Royalty-Free
The specification is free to implement. No licensing fees or royalties required to build FDX-compliant systems.
Data Types Supported
The FDX API supports a comprehensive range of financial data types:
- Account Information — Balances, account details, account holder information
- Transaction Data — Transaction history, pending transactions, categorization
- Payment Information — Scheduled payments, payees, payment history
- Investment Data — Holdings, positions, investment transactions
- Loan Data — Loan accounts, payment schedules, interest information
- Insurance Data — Policy information, coverage details
📦 Latest Version: FDX API v6.4
Released in June 2025 (Spring 2025 edition), v6.4 includes enhanced support for Section 1033 compliance, improved consent management, and additional data fields for investments and insurance.
View FDX API Documentation →FDX & CFPB Section 1033
Section 1033 of the Dodd-Frank Act grants consumers the right to access their financial data. The CFPB finalized the Personal Financial Data Rights rule in October 2024, establishing regulated open banking in the United States. FDX has been officially recognized as a Standard-Setting Body (SSB), making the FDX API the primary technical specification for compliance.
What This Means for Compliance
Data providers who conform to FDX standards are considered to have "indicia of compliance" for Section 1033's API documentation requirements. This makes FDX adoption a practical path to regulatory compliance for US financial institutions.
Section 1033 Compliance Timeline
Rule Finalized
CFPB finalizes Section 1033 Personal Financial Data Rights rule in October 2024.
Large Institutions
Largest data providers (depository institutions with $250B+ assets, non-depository with $10B+ receipts) must comply.
Mid-Size Institutions
Mid-size data providers (depository with $10-250B assets, non-depository with $3-10B receipts) must comply.
Smaller Institutions
Smaller data providers (depository with $3-10B assets, non-depository with $1.5-3B receipts) must comply.
Full Implementation
All covered data providers must comply with Section 1033 requirements.
Covered Data
Section 1033 covers transaction data, account balances, payment information, and terms and conditions for deposit and credit accounts.
Security Requirements
Data providers must offer standardized APIs with proper authentication, replacing screen scraping with secure connections.
Consumer Rights
Consumers can authorize third parties to access their data, and can revoke access at any time through clear mechanisms.
How FDX Works
The FDX ecosystem involves three main participants: data providers (banks and financial institutions), data recipients (fintechs and apps), and data aggregators (intermediaries). Here's how a typical FDX-powered data sharing flow works:
Consumer Initiates Connection
A consumer wants to connect their bank account to a fintech app (e.g., budgeting, lending, or investment app).
Redirect to Data Provider
The app redirects the consumer to their financial institution's secure authentication portal via OAuth.
Authentication & Consent
The consumer authenticates with their bank and reviews/approves the specific data being requested and the duration of access.
Token Issuance
Upon consent, the data provider issues access tokens to the data recipient (or aggregator), enabling API access.
Secure Data Access
The app uses FDX API endpoints to retrieve authorized data, with all communications encrypted and audited.
Ongoing Access & Revocation
The consumer can manage or revoke access at any time through their bank or the fintech app.
FDX Membership
FDX membership is open to financial institutions, fintechs, data aggregators, payment networks, and other organizations involved in financial data sharing. While the FDX API specification is royalty-free to implement, membership provides additional benefits and participation rights.
Member Types
| Organization Revenue | Annual Dues | Benefits |
|---|---|---|
| ≤ $50M | $2,000 | Full participation, voting rights |
| $50M - $500M | $10,000 | Full participation, voting rights |
| $500M - $5B | $25,000 | Full participation, voting rights |
| $5B - $15B | $40,000 | Full participation, voting rights |
| > $15B | $55,000 | Full participation, voting rights |
Membership Benefits
- Voting Rights — Equal voice in API standard development and governance decisions
- Working Groups — Participate in specialized committees shaping the API roadmap
- Early Access — Pre-release access to new API versions before public release
- Developer Events — Exclusive conferences and networking opportunities
- Resources — Implementation guides, certification tools, and technical support
FDX Adoption & Statistics
FDX has achieved significant adoption in the US financial services industry, becoming the dominant standard for consumer-permissioned financial data sharing.
114 Million+ Connections
Over 114 million customer connections are powered by FDX-aligned APIs as of 2025, representing the vast majority of US open banking traffic.
75% Market Coverage
FDX APIs cover approximately 75% of the addressable US market for consumer-permissioned financial data sharing.
200+ Members
FDX membership includes major banks, leading fintechs, data aggregators like Plaid and Yodlee, and payment networks.
Notable FDX Members
FDX membership includes major financial institutions (JPMorgan Chase, Bank of America, Wells Fargo, Capital One), leading fintechs (Plaid, Yodlee, Finicity, MX), and technology companies building consumer financial applications.
FDX vs Other Open Banking Standards
Different regions have developed their own open banking standards. Here's how FDX compares to other major specifications:
| Standard | Region | Regulatory Driver | Key Characteristics |
|---|---|---|---|
| FDX | US & Canada | Section 1033 | Industry-led, comprehensive data types |
| UK Open Banking | United Kingdom | CMA Order / PSD2 | Highly standardized, VRP support |
| Berlin Group | European Union | PSD2 | Flexible implementation options |
| Open Finance Brasil | Brazil | BCB regulations | Comprehensive (banking, insurance, investments) |
| CDR | Australia | Treasury legislation | Cross-sector (banking, energy, telecom) |
Unlike European standards that were primarily driven by regulation (PSD2), FDX emerged from industry collaboration to address practical challenges with screen scraping and fragmented data access methods. With Section 1033 now providing regulatory backing, FDX has become both an industry standard and a compliance pathway.
Frequently Asked Questions
FDX is a nonprofit organization operating in the US and Canada dedicated to unifying the financial services ecosystem around a common, interoperable, and royalty-free technical standard for secure financial data sharing. The FDX API is the consensus-driven standard that enables consumers to securely share their financial data with third-party applications they authorize.
Learn More About Open Banking
Explore our comprehensive guides on open banking APIs, regulations, and aggregators.