The OpenID Foundation is delighted see the Financial Data Exchange’s recent announcement that FDX’s Financial-Grade API Security Specification v3.4 (companion to FDX API v5) supports the FAPI 1.0 Advanced and CIBA standards:
“Alignment with Globally Interoperable Standards – The FDX API Security Specification v3.4 now references, supports and recommends utilization of the OpenID Foundation’s Financial-grade API (FAPI) security standard for securing traffic to APIs and for the authentication of end users (FAPI 1.0 Advanced & CIBA protocols)… FDX alignment with these recognized global standards will further interoperability and adoption of the FDX API.”
The Financial Data Exchange (FDX) is a non-profit industry-led initiative in the US and Canada to facilitate the development of open banking in these jurisdictions, “by unifying the financial services ecosystem around a common standard for the secure and convenient access of permissioned consumer and business financial data.” FDX is following in the footsteps of other leading markets like the United Kingdom, Australia, and Brazil that also use the Financial Grade API to enable open banking on their way to open finance.
The FDX community will benefit from enabling these mature standards to enable the consumer-directed sharing of financial and other sensitive data, while leaving the option open for international interoperability. The OpenID Foundation looks forward to continued collaboration with FDX and their members to facilitate the implementation of OpenID standards in North America. The OpenID Foundation warmly welcomes FDX and its members to participate in the FAPI Working Group to ensure the standard continues to meet the needs of the US and Canadian markets, as well as the global community.