On the 8th January 2025, the Consumer Financial Protection Bureau (CFPB) officially designated Financial Data Exchange (FDX) as a Standards Setting Body, following the release of Section 1033 late last year. This move represents a monumental step toward establishing a regulated open banking framework in the United States and is set to usher in a more transparent and secure financial ecosystem.
With over 94 million US accounts already using the FDX API, this move could catapult the U.S. into being a global leader in open banking.
As the momentum for open banking continues to grow globally, this achievement signals a critical moment in the ongoing evolution of financial data access and security around the world.
At Ozone API, we’ve been proud members of FDX for nearly 5 years, supporting its mission to foster secure, interoperable financial data standards. The FDX Standard is also one of the key open banking standards integrated into the Ozone API platform.
We had the privilege of speaking with Don Cardinal, Senior Vice President at FDX, to celebrate this groundbreaking development. Here’s what Don said:
“This is a testament to the hard work of all our member volunteers and dedicated FDX staff have put in from FDX’s inception in 2018 to now, to create an industry-led body that fosters healthy collaboration on data sharing standards. We are excited about the clarity this announcement will bring to the ecosystem.”
Eyal Sivan, GM for North America at Ozone API and host of Mr. Open Banking also shared his excitement over the news:
“Now that the CFPB has officially recognized FDX as a standard-setting body, a major source of uncertainty has been lifted from the U.S. market. Data providers can proceed with confidence in developing their data-sharing APIs, knowing their efforts align with Section 1033, representing a significant step forward for open banking in America.”
Looking to navigate Section 1033, or want the full lowdown from open banking experts? Here’s further resources on Section 1033 and the FDX Standard:
Section 1033 Essential Guide: Key insights into the regulation, including security requirements, timelines and implications. Access the guide.
Global Voices: Season 2 Finale: Hear experts from Ozone API and Akoya do a deep dive into Section 1033, including what consumer data rights are included and why the time to act is now. Listen to the episode.
Global Open Data Tracker: A breakdown of the FDX standard, including key features, scope, products, security models, developer resources, history and governance. Access the Standards Library.
FDX Security Essentials Masterclass: We teamed up with Altitude Consulting to host an FDX Security Masterclass — bringing together industry experts to explore the frameworks, OAuth 2.0, FAPI and governance best practices, plus lots more. Hear from Dinesh Katyal, VP API Product Manager at JPMorgan Chase & Co, Chris Wood, Principal Architect at Ozone API, and Eyal Sivan, GM for North America at Ozone API. Listen to the Masterclass.
Section 1033 Technical Guide: This guide is your roadmap to navigating the technical demand of Section 1033, designed to empower technology teams at banks, financial institutions, and financial data-holders across the United States. Download the guide.
Selecting an Open Banking Platform: A Guide for Banks and Financial Institutions: This article breaks down how to choose the right open banking platform, comparing purpose-built solutions with enterprise API management tools. We explore key factors like compliance, API standards, integration, and total cost of ownership. Read the article.
