AFC will collaborate with FDX on standards development and drive increased adoption of open banking in the fintech industry

Washington, D.C. (April 8, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today announced it has joined the Financial Data Exchange (FDX) as a member. FDX is a non-profit industry standards body operating in the United States and Canada with the goal of developing a common, interoperable, and royalty-free technical standard for the financial services industry. As an FDX member, AFC will work alongside other industry players to advance open banking standards and safeguard consumer interests.

“Joining FDX underscores AFC’s commitment to furthering open banking, industry collaboration, and responsible, consumer-focused fintech innovation” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “Our active contribution to FDX's industry-wide data sharing standards will directly benefit our members and the broader fintech landscape. We are incredibly excited to join FDX and contribute to advancing secure financial data access.”

FDX and its members are working to establish a unified standard, the FDX API, for secure, user-permissioned financial data sharing, enabling seamless but secure exchange of data across the financial services ecosystem. By establishing a consistent and interoperable framework, FDX seeks to foster innovation and improve the accessibility of financial services while ensuring that user privacy and security are prioritized. Ultimately, data sharing can foster increased convenience for consumers, along with new collaborations that drive increased innovation in financial services.

As a consortium, FDX members collaborate in committees, working groups, and task forces, adapting the FDX API standard to reflect market innovations, jurisdictional differences, and the evolving needs of users. This collaborative approach ensures the FDX API's continued evolution and relevance in the rapidly changing fintech landscape.

About American Fintech Council
‍A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

About FDX
‍Financial Data Exchange (FDX) is a non-profit organization operating in the US and Canada that is 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 users 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, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. For more information and to join, visit www.financialdataexchange.org.

‍