At Akoya, we are committed to empowering consumers to manage their finances with greater choice, control, and convenience by simplifying how they share the data that powers their financial apps.
As an active member of the Financial Data Exchange (FDX), we support industry standards designed to unify the financial services ecosystem. By aligning our API products with FDX’s common, interoperable, and royalty-free technical standards, we are helping to shape the future of open finance, enabling consumers to securely access and share their financial data.
FDX standards are essential for scaling open finance and enabling seamless interoperability across the financial ecosystem. These standards provide a framework for secure, consumer-permissioned data sharing based on the principles of control, access, traceability, transparency, and security. At Akoya, we integrate FDX standards into our solutions to enhance data-sharing capabilities and ensure compliance with evolving regulations.
The significance of FDX was further validated when the Consumer Financial Protection Bureau (CFPB) recognized it as an official Standard-Setting Body (SSB) under the Section 1033 Personal Financial Data Rights rule. By adopting these standards, Akoya enables financial institutions and fintechs to share data in alignment with regulatory requirements like CFPB 1033.
FDX standards deliver key benefits for data providers, including risk reduction and enhanced privacy. Through Open ID Connect (OIDC) token-based access, the FDX API eliminates risks associated with "held-away credentials."
Consumer consent is captured securely at both the application interface (e.g., fintech apps) and the data provider’s source, ensuring a clear, transparent consent process that allows consumers to control the data they share with third parties.
For data recipients, FDX standards simplify and secure access to financial data from data providers. Akoya leverages FDX standards, along with customizations, to transform data provider responses through data mapping and API integration, delivering a unified format. This approach reduces the need for custom integrations, simplifies workflows, and accelerates data-sharing processes by ensuring consistency across diverse datasets.
As a founding member of FDX, Akoya plays a pivotal role in advancing its initiatives and driving the future of open finance. Our team actively contributes to executive committees, working groups, and thought leadership efforts that shape the evolution of financial data exchange.
Notably, our Chief Evangelist, Anil Mahalaha, was a founding member of FDX, and our CEO, Paul LaRusso, served on the FDX board from 2018 to 2022, including a term as Co-Chair. These leadership roles highlight our deep commitment to driving innovation in open finance and ensuring FDX standards meet the needs of both consumers and the industry.
Akoya’s open finance and compliance solutions are built entirely on permissioned APIs, offering a secure and efficient method for sharing consumer financial data. Our data access network operates as an industry utility, connecting financial institutions, fintechs, and aggregators through a single standardized connection.
This streamlined approach eliminates the complexity of one-to-one integrations, accelerates the adoption of API-based data sharing, and enables consumers to securely manage their financial data with confidence.
Akoya and FDX share a vision of efficient, secure, and transparent consumer data sharing. Together, we are building the infrastructure necessary to support the evolving financial services landscape while safeguarding the interests of consumers and financial institutions.
Open finance represents the future of the industry, and its success depends on collaboration, standardization, and a focus on serving the end user. At Akoya, we are dedicated to advancing this vision by leveraging FDX standards to create a more secure and connected financial ecosystem.
Learn more about how Akoya supports secure data sharing.