FDX’s API standard is currently facilitating data sharing for over 94 million customer accounts in North America. Credit: Deemerwha studio/Shutterstock.

The US Consumer Financial Protection Bureau (CFPB) has recognised the Financial Data Exchange (FDX) as a standard-setting body for the US open banking ecosystem.

This recognition is part of the CFPB’s Open Banking regulation, which mandates that companies, including banks and fintechs, enable consumers to share their financial data securely with authorised parties.

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FDX CEO Kevin Feltes said: “This recognition provides helpful clarity to the market at a critical time. Many firms are running fast to come into compliance with the CFPB’s recent Open Banking regulation and give customers more control over their financial data.

“The recognition underscores FDX’s position as a leading forum for companies and nonprofits from across the financial ecosystem to collaborate on interoperable methods for secure, consumer-permissioned data sharing.”

FDX’s API standard is currently facilitating safer data sharing for over 94 million customer accounts in North America.

The adoption of these standards is expected to grow as they help companies build interoperable interfaces that can reduce costs, and simplify integrations.

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This is particularly significant as companies seek to comply with the CFPB’s new regulatory requirements.

However, the CFPB’s final 1033 Rulemaking has prompted FDX to update its consensus standard data format. This update will align with the Rulemaking and aid firms in regulatory compliance.

In June 2024, the CFPB established criteria for recognising standard-setting bodies, emphasising the need for transparency and balanced decision-making.

These regulations necessitate standardised solutions for the numerous firms now facing new compliance obligations. The regulations are poised to change the dynamic between businesses, consumers, and financial data management.