Financial Data Exchange (FDX) Announces Release of FDX API v6.0 featuring Revolutionary Updates for Open Finance Data Sharing

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The Financial Data Exchange (FDX) has announced its Fall release of FDX API 6.0. Among other things, this version of the API includes extended fraud notification, more options for payment network data, updates to tax documentation, corporate/treasury support, and the first payroll data structures. An updated and more concise version of the security Control Considerations document is a major addition to the API, as well as the incorporation of the FAPI security schema.

“The amount and pace of innovation from our members continues to amaze. It is a testament to the impact of all members, big and small, have on the specs,” said Don Cardinal, FDX Managing Director.

Here are a few new component highlights of the FDX API 6.0:

  • Expansion of Notification Framework to Include Two Way Notifications – Defines two-way notification for fraud events instead of only Data Recipient to Data Provider. This new feature describes two-way messaging for all participants in open banking, e.g. DP to DAP, DAP to DR, DP to DR, DAP to DP.
  • Use Case for Account Opening and Onboarding – A new FDX Use Case for End Users to more easily open an account with a financial institution (FI) or non-financial institution (NFI).
  • Payroll Data Structures for VOI/VOE – Establishes the first Payroll endpoints for the FDX API. This feature creates the first data structures to transmit Verification of Employment (VOE) and Verification of Income (VOI) information.

Also Read: Top 7 Sustainable FinTech Trends for 2024 and Beyond

FDX API updates, released twice a year, originate with the work of FDX’s global financial industry membership across more than 30 different technical working groups and task forces to identify and develop enhancements and updates to FDX standards to meet market needs.

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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