The world of fintechs is expanding rapidly and new use cases are constantly being discovered. In May, the Finovate Spring event in San Francisco showcased many of these new companies with a series of live seven-minute demos. For our visit to Finovate, the Axway team wanted to showcase what we’ve been busily working on to address the open banking challenge. We were honored to be part of the line-up with a demo of Axway Open Banking that showed the FDX 5.0 API in action.
Demonstrating Axway Open Banking and the FDX 5.0 API
Featuring an intuitive developer portal, pre-built open banking APIs and a robust core focused on security, identity & consent, all running on top of our industry-leading Enterprise gateway, Axway Open Banking provides everything an organization needs to adopt, embrace and succeed at open banking.
We launched in Brazil last year, to great success, showing the product to over a hundred prospects and helping 7 banks get fully certified and go to production with their open banking APIs. In 2022, we brought Axway Open Banking to North America, where we are helping banks generate real business value through open banking standards. What we showed at Finovate was something new, something no one else has done yet: a full implementation of the FDX 5.0 API from the Financial Data Exchange with FAPI and consent redirection baked right in.
As part of our 7-minute demo, after a blistering tour of the portal, we showed a live call to a complete implementation of the FDX API 5.0, with full FAPI support and an integrated consent experience following FDX customer experience guidelines. An industry first, from Axway.
You can watch a recording of the Axway Open Banking demo below:
Fueling the acceleration of open banking
For those unfamiliar with the FDX 5.0 API from the Financial Data Exchange, it is quickly establishing itself as the de facto North American open banking standard. Today, FDX is used to share over 32 million consumer records across the North American financial ecosystem, and their membership includes most major US banks and fintechs.
Through our support of FDX, Axway is helping drive the establishment of common, open, shared standards for the secure exchange of financial data, leading the charge to bring open banking to North America.
Other demos at the conference ranged from a credit scoring app that can be used in BNPL applications, to an app where you can automatically donate to causes you care about while tracking your personal spending. One interesting company, FinGoal, created a data aggregator switch kit, which allows banks and credit unions to have more autonomy and not be beholden to the data aggregators to have access to the fintech community.
The concept of banks and credit unions having to write a custom API to connect to each fintech is not sustainable and relying on the data aggregators can become costly and causes vendor “lock in”. That’s why the adoption of a common standard such as FDX becomes key to how the financial services ecosystem shares data.
Axway was pleased to show how the latest FDX standards (like the FDX 5.0 API) are built into our open banking solution, Axway Open Banking, which scales and accelerates the exchange of data with the fintech ecosystem in a repeatable way.
Thank you to the team at Informa for putting on a wonderful live event. Also, a special thanks to our partner Cloudentity for their amazing work supporting the FDX implementation. Check out the press release here to find out more about Axway’s direct bank-to-bank API calls with FAPI security and consent redirects, using Brazilian and FDX API standards.
Discover how open banking technology is helping banks grow their business by downloading our report.