# FDX

> Financial Data Exchange

The US Open Banking API standard, driven by the industry (banks + fintechs) rather than by a regulator. It is the US counterpart to the Berlin Group, pre-positioned for the CFPB's upcoming Section 1033.

_Category: technique_

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## Definition

**FDX** (_Financial Data Exchange_) is the US Open Banking API standard.

Unlike Europe or the UK, the United States has not (yet) mandated Open Banking by law: FDX is driven by the industry itself, a consortium of more than 200 members bringing together major banks (JPMorgan, Wells Fargo, Bank of America, Citi), fintechs (Plaid, MX, Yodlee, Intuit) and aggregators. It is the functional equivalent of the Berlin Group or the OBIE, but with private-sector governance.

## Why FDX exists

The United States starts from a complicated legacy:

- for 15 years, aggregation relied on screen scraping (fintechs impersonate the customer using their credentials) — insecure, fragile and frowned upon by banks;
- there was no common API standard, with each major bank publishing its own, all mutually incompatible.

FDX was created in October 2018 as a subsidiary of FS-ISAC, to standardize API contracts, data formats and consent, and to eliminate screen scraping.

## The pivotal role of the CFPB and Section 1033

Section 1033 of the Dodd-Frank Act gives the CFPB the power to mandate compulsory Open Banking:

- the _Personal Financial Data Rights Rule_ (finalized in October 2024) requires banks to provide free, secure and standardized access to data;
- a phased rollout from April 1, 2026 to April 1, 2030 depending on the size of the institutions;
- without naming it, the rule points to industry-recognized standards — FDX being the leading candidate.

In 2025, however, the rule was challenged: a federal court in Kentucky stayed its enforcement while the CFPB reviews it. FDX nonetheless remains the only serious standard, whether mandated or not.

## The FDX standard in brief

- **REST API + OAuth 2.0** (FAPI 2.0 baseline) for authorization.
- **JSON** and a common model for checking, savings, lending, investment, retirement, insurance and real-estate accounts.
- **Broad scope**: 9 categories of financial data, comparable to FIDA.
- **Permission management**: granular consent, with a recommended user dashboard.
- **Versions**: FDX API 6.x (2024), evolving rapidly.

## FDX vs OBIE vs Berlin Group

| | FDX (US) | OBIE / OBL (UK) | Berlin Group (EU) |
|---|---|---|---|
| Origin | Industry | Regulator (CMA) | Industry + regulators |
| Status | De facto | De jure | De facto (recommended) |
| Scope | Open Finance (broad) | Payment accounts | Payment accounts |
| Authentication | OAuth 2 + FAPI 2 | OAuth 2 + FAPI 1 | OAuth 2 + variants |
| Adoption | Surging | Mature | Dominant in the EU outside France |

## What FDX is not

- **Not a regulator**: it is a non-profit organization that publishes a standard; regulation is the remit of the CFPB, the OCC and the Fed.
- **Not an immediate replacement for screen scraping**: the transition will take years, and Plaid maintains both modes.
- **Not mandatory**: its adoption rests on industry incentives, soon to become regulatory (CFPB).
- **No payment initiation**: there is no PISP equivalent; the US ecosystem relies on FedNow and RTP.

## In the global ecosystem

FDX is the future backbone of US Open Banking. If Section 1033 holds, the volumes will be enormous (340 million Americans, tens of thousands of banks). US aggregators (Plaid, MX, Yodlee, Akoya) are gradually shifting to FDX and abandoning screen scraping.

```mermaid
flowchart LR
    subgraph US["United States"]
        CFPB["CFPB<br/>(consumer regulator)"]
        SEC1033["Section 1033<br/>Dodd-Frank Act"]
        FDX_ORG["FDX Inc.<br/>(consortium)"]
        FDX_API["FDX API standard"]
        BANKS["US banks<br/>(JPM, BoA, Wells…)"]
        AGG["Aggregators<br/>(Plaid, MX, Akoya, Yodlee)"]
        FINTECHS["Fintechs<br/>(Robinhood, Mint, etc.)"]
    end

    CFPB -->|mandates 2024| SEC1033
    SEC1033 -.->|de facto recommends| FDX_API
    FDX_ORG -->|publishes| FDX_API
    BANKS -->|members| FDX_ORG
    AGG -->|members| FDX_ORG
    BANKS -->|expose| FDX_API
    AGG -->|consume| FDX_API
    FINTECHS -->|via| AGG
```

## Concrete examples

- **Key members**: JPMorgan Chase, Wells Fargo, Bank of America, Citi, US Bank, Capital One, Charles Schwab on the banking side; Plaid, MX, Yodlee (Envestnet), Akoya (DTCC + 11 banks), Intuit on the fintech side.
- **Plaid**: the largest US aggregation fintech (12,000+ apps: Venmo, Robinhood, Coinbase), actively migrating from scraping to FDX.
- **Akoya**: a "bank-friendly" consortium created by DTCC and banks historically opposed to Plaid, an FDX champion by design.
- **MX**: an aggregator focused on regional banks and credit unions, with an emphasis on data enrichment.
- **Real-world use**: behind Mint (Intuit) or YNAB, it is Plaid or MX that calls your bank — increasingly via FDX, less and less via scraping.
- **EU comparison**: the dynamic is the reverse of PSD2 — in the EU the regulator mandates and banks drag their feet; in the US the industry moved ahead of the regulator.
- **What to watch in 2026**: CFPB decisions on Section 1033, adoption by mid-tier banks, and Akoya's rise against Plaid.

## Sources

- [About FDX — Financial Data Exchange](https://financialdataexchange.org/FDX/FDX/About/About-FDX.aspx) — Financial Data Exchange
- [CFPB Finalizes Personal Financial Data Rights Rule](https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-personal-financial-data-rights-rule-to-boost-competition-protect-privacy-and-give-families-more-choice-in-financial-services/) — Consumer Financial Protection Bureau, 2024-10-22

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Source: https://openfinanceguide.com/en/glossary/fdx