The Open Banking/finance/insurance movement continues to gain momentum. The global Open Banking market value in 2019 was $9,045M with an expected growth of 24% over the next six years.
New business opportunities are being discovered by extending the ecosystem to include new partners, who were not part of the traditional financial services environment.
Whether it’s your accounting system easily being able to access your banking accounts, easy access to credit, or finding the best savings interest rate, the possibilities are endless.
Axway and FDX
One key aspect to the success of an open approach is creating a common language so that all companies can participate. One organization that is taking on the creation and use of a common standard is the Financial Data Exchange (FDX).
FDX is a consortium of key stakeholders in the financial data ecosystem that is tasked with creating a common API standard that provides interoperability around financial data sharing.
By creating a common standard to go by, all players in the ecosystem can speak the same language, thereby removing friction.
Axway is pleased to join The Financial Data Exchange (FDX) and looking forward to exchanging ideas and best practices with industry leaders as the financial services world opens up.
Click here to learn more about Axway and FDX.
To find out more about FDX, listen to the Mr. Open Banking Podcast Episode 3 interview with Don Cardinal, Managing Director FDX.
In case you missed the blog about the podcast, click here.