As the financial industry continues to rapidly evolve, embracing open banking through consumer-permissioned APIs has become a pivotal step for financial institutions to meet the evolving expectations of modern consumers. This shift has resulted in financial institutions ditching the outdated practice of screen scraping using login credentials, and instead, adopting a user-driven API-based approach, exemplified by the FDX API utilized by 65 million consumer accounts, to sharing financial data with third parties.

To support FIs on their open banking journey, Financial Data Exchange (FDX) is pleased to announce the release of their comprehensive Getting Started Guide: A Business Primer for Financial Institutions.

This guide equips business and technical professionals with essential insights into the fundamentals of open banking, its implications, and effective strategies for compliance within emerging regulatory frameworks in North America. It also explores the myriad of benefits open banking provides, such as enhanced security, improved customer satisfaction, new revenue opportunities, seamless integrations, streamlined internal processes, cost savings, and more.

Dive into FDX’s Getting Started Guide: A Business Primer for Financial Institutions and discover the limitless potential for innovation in the financial ecosystem.