CI&T Joins Financial Data Exchange (FDX) to Lead the Path Towards Open Banking
CI&T has officially joined the Financial Data Exchange (FDX), a nonprofit organization dedicated to unifying the financial industry around a common, interoperable standard for secure and convenient access of permissioned consumer and business financial data, aptly named the FDX API.
As an FDX member, CI&T joins the ranks of over 200 notable industry players including Bank of America, Chase, Citigroup, US Bank, and Wells Fargo, among others, who are dedicated to elevating data-sharing and secure authentication standards, and to ensuring the best possible service for their customers. Joining this consortium further elevates CI&T’s standing as a digital transformation leader helping U.S. banks and financial services clients innovate and implement open finance and Banking-as-a-Service (BaaS) solutions.
“We are thrilled to join this community of financial services and fintech companies dedicated to moving the technology needle forward to enhance the customer experience while preserving the integrity of their data,” said Leonardo Mattiazzi, Partner and EVP at CI&T. “Trusted relationships are the backbone of the banking industry, and we are eager to share our digital transformation expertise with FDX members and contribute to advance industry standards and practices that ultimately will result in better and safer access to financial services across the board.”
The establishment of data-sharing standards is critical to the advancement of open finance, a new generation of financial services allowing consumers to share and leverage their own financial data between and among banks and non-banks. FDX’s standards also enable banks to securely and efficiently embed their services into a multitude of third-party customer experiences, services collectively known as Banking-as-a-Service (BaaS).
“At CI&T, we are dedicated to helping our financial services clients stay ahead of the curve as technology evolves to present both opportunities and challenges. We see financial institutions implementing open finance and BaaS solutions as the way forward and FDX is accelerating the industry’s progress towards open ecosystems,” added David Ritter, Financial Services Industry Lead at CI&T.
“We are excited CI&T is joining the FDX ecosystem,” said FDX Managing Director Don Cardinal. “CI&T will add another unique perspective to our forum and will help ensure that FDX standards continue to reflect the full spectrum of the marketplace,” added Cardinal.
Financial Data Exchange, LLC (FDX) is a non-profit organization operating in the US and Canada that is dedicated to unifying the ﬁnancial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers users through its commitment to the development, growth, and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and 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. For more information and to join, visit www.financialdataexchange.org.