Xtensifi, a digital consulting and development firm that enables financial institutions and fintech providers to create and execute their mobile and online strategies, announced it has joined Financial Data Exchange (FDX), a non-profit organization to unify the financial sector around the secure exchange of financial data.
FDX, a subsidiary of the Financial Services Information Sharing and Analysis Center (FS-ISAC), addresses common challenges around the way the industry shares consumer account information. Since its launch in October 2018, FDX has represented an industry-wide movement to enhance consumer and business controls of financial data, through its FDX API (application programming interface) and technical standards.
As a member of FDX, Xtensifi joins other notable names in the financial data ecosystem, with a joint market cap in excess of $2 trillion. Xtensifi recently announced a new open banking consulting service for both financial institutions and financial technology firms. FDX’s core principles of financial data sharing include control, access, transparency, traceability and security.
Currently, there are multiple standards in place for financial data sharing, and their implementation varies from organization to organization. To solve these challenges, Xtensifi is utilizing FDX’s technology interface for data sharing and framework, governing the best security practices for sharing consumer data to save time and resources for their clients.
“As the industry digitizes further and consumers expect more control over their data, a common standard and operating framework for sharing financial data is imperative,” said Doug Bacon, Managing Director of Xtensifi. “It also helps free us and the financial institutions we serve to focus efforts where it matters most – on innovation for consumers and small businesses.”
“Since launching in 2018, we’ve built a network of over 100 organizations that are committed to collectively transitioning to a modern, transparent and secure data sharing approach,” said Don Cardinal, Managing Director of the Financial Data Exchange. “Together, we have not only transitioned nearly 12 million U.S. consumers to the FDX API, but released the fourth version of our standard that further enhances interoperability and increases the number of supported use cases.”
Xtensifi is a specialized digital consulting and development firm that works with banks, credit unions, fintech providers and other organizations of all sizes. Since 2009, the company has provided strategy development and execution services to improve digital experiences for its clients, including the creation of advanced digital platforms, innovative digital capabilities, simplified integration frameworks, and digital reference architectures. Xtensifi is experienced in compliance, migration and solution development within Amazon Web Services (AWS Cloud), the implementation of real-time payment systems, and migrations from legacy platforms. To learn more about Xtensifi, visit www.xtensifi.com.
About the Financial Data Exchange
Financial Data Exchange, LLC (FDX) is a non-profit organization dedicated to unifying the ﬁnancial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers consumers through its commitment to the development, growth and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability and security. Membership is open to financial institutions, fintech companies, consumer advocacy groups, and other industry participants. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.