Financial data exchange Financial Data Exchange (FDX) announced the fall release of version 6.0 of the FDX API. This API release includes expanded fraud reporting, more options for payment network data, tax documentation updates, corporate and treasury support, and the first data structures of payrolls. An updated and more concise version of the Security Control Considerations document, as well as the incorporation of the FAPI Security Schema, are major additions to the API.
“The quantity and pace of our members’ innovations never cease to amaze us. It’s a testament to the impact that all members, large and small, have on the specs,” said Don Cardinal, General Manager of FDX.
Here are some of the new features of the FDX 6.0 API:
- Expanding the notifications framework to include two-way notifications – Sets two-way notification for fraud events instead of just notification between the data recipient and the data provider. This new feature describes two-way messaging for all open banking participants, e.g. DP to DAP, DAP to DR, DP to DR, DAP to DP.
- Account Opening and Onboarding Use Case – A new FDX use case for end users to make it easier to open an account with a financial institution (FI) or institution non-financial (INF).
- Payroll Data Structures for Income Verification/Employment Certification – Establishes the first payroll endpoints for the FDX API. This function creates the first data structures to transmit employment certification and income verification information.
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FDX API updates, released twice a year, are the result of the work of FDX’s global financial industry members across more than 30 different technical and other working groups that identify and develop improvements and updates to FDX standards to meet market needs.
Additionally, FDX recently reported that 65 million customer accounts currently use the FDX API for financial data reporting in the United States and Canada. Access to FDX API 6.0 is free upon registration .
Financial Data Exchange, LLC is a nonprofit organization operating in the United States and Canada, whose mission is to unify the financial industry around a common, interoperable, royalty-free standard, to enable consumers and businesses to securely and conveniently access their financial data. FDX empowers users through its commitment to the development, growth and adoption of the FDX API throughout the industry and according to principles of control, access, transparency, traceability and of security. Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC.
SOURCE: GlobeNewswire