Financial data standards define how banking and financial data is shared securely between institutions, fintechs, and consumers. Different regions have developed their own specifications—from modern API standards like FDX and PSD2 to legacy file formats like OFX. This guide helps you understand which standards apply to your market.
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Financial Data Standards
FDX (Financial Data Exchange)
United States & Canada
The leading US open banking API standard. Industry-led, royalty-free specification for secure consumer-permissioned financial data sharing. Recognized by CFPB as Standard-Setting Body for Section 1033 compliance.
OFX (Open Financial Exchange)
Global (Legacy)
Legacy file-based format from 1997 for downloading bank transactions into desktop software like Quicken and QuickBooks. Still widely supported but being replaced by API-based standards.
UK Open Banking Standard
United Kingdom
Highly standardized API specification mandated by CMA in 2017. Covers account information, payment initiation, and variable recurring payments (VRP). Model for many global implementations.
PSD2 / Berlin Group NextGenPSD2
European Union
EU regulatory framework requiring banks to provide API access to licensed TPPs. Berlin Group provides the technical standard (NextGenPSD2) adopted by many European banks.
Consumer Data Right (CDR)
Australia
Cross-sector data portability framework starting with banking, expanding to energy and telecommunications. Consumer-centric approach with strong privacy protections.
Open Finance Brasil
Brazil
Comprehensive open finance framework covering banking, insurance, investments, and pensions. One of the most ambitious implementations globally with mandatory participation.
Standards Comparison
| Standard | Region | Type | Regulator | Data Access |
|---|---|---|---|---|
| FDX | US & Canada | API | CFPB | Real-time API |
| OFX | Global | File | None | File download |
| UK Open Banking | UK | API | CMA/FCA | Real-time API |
| PSD2/Berlin Group | EU | API | EBA | Real-time API |
| CDR | Australia | API | ACCC | Real-time API |
| Open Finance Brasil | Brazil | API | BCB | Real-time API |
Understanding Financial Data Standards
What Are Financial Data Standards?
Financial data standards are technical specifications that define how banking and financial data is exchanged. Modern "open banking" standards (like FDX, PSD2) focus on real-time API access with consumer consent, while legacy standards (like OFX) cover file-based data exchange for desktop software.
API-Based vs File-Based Standards
🔗 API-Based (Modern)
Real-time data access through secure APIs. Supports OAuth authentication, granular consent, and automatic syncing. Examples: FDX, PSD2, UK Open Banking.
📁 File-Based (Legacy)
Manual download and import of transaction files. No real-time access or automatic syncing. Still used for desktop software. Example: OFX.
Need Help Implementing Open Banking?
Explore our API aggregators directory to find platforms that simplify integration with multiple standards.