Toronto – July 29, 2020 – Financial Data Exchange, LLC (FDX) has officially launched in Canada, with 30 organizations leading the country’s financial services ecosystem in joining FDX and taking part in its mission to develop and promote a secure, common, interoperable, flexible and royalty-free industry standard for financial data sharing.
“The launch of FDX Canada proves the success of this industry-led initiative to bring leading organizations in the Canadian financial services ecosystem together around a common financial data sharing standard that will protect consumers and business and simplify their banking experiences” said Don Cardinal, Managing Director of Financial Data Exchange.
The companies joining as initial members of the FDX Canada Working Group and to inaugurate FDX Canada are (in alphabetical order): Blanc Labs, Bank of Montreal, Capital One, CIBC, Desjardins, EEI, Envestnet | Yodlee, Equitable Bank, Finicity, FinTech Growth Syndicate (FGS), Flinks, Interac Corp., Intuit Canada, Inverite, KOHO, Mastercard, MX, National Bank of Canada, Ninth Wave, Ozone API, Plaid, Royal Bank of Canada, SecureKey, Tangerine Bank, TD Bank Group, TrueLayer, TWG, Verify My Banks, Visa and Xero. With this milestone, the North American financial industry continues to align around the FDX API, which has been adopted by over 100 firms and rolled out to approximately 12 million consumers in the United States.
“Blanc Labs has an extraordinary track record of helping other firms innovate through enabling open ecosystems. We see the emergence of Open Banking in Canada as a growth opportunity for the industry and we will be working hard to make a meaningful contribution”, said Hamid Akbari, Chief Executive Officer at Blanc Labs.
“We’re very excited to see all parties in Canada come together to build a secure ecosystem where consumers can easily share their financial data. This enables innovation that can benefit end-users while empowering consumers to control the exchange of their data. This is critical to our specialty in loan application automation” said Dariush Zomorrodi, Chief Innovation Officer at Blanc Labs.
Blanc Labs has designed its next-gen digital lending platform, Prunto, to interoperate with all ecosystem players such as financial institutions, lenders, fintech players, and software and cloud providers. Prunto’s unique machine learning and workflow automation features will transform how lenders perform risk calculations via APIs and exchange results within the ecosystem.