We’re excited to announce that we’ve joined the board of directors of the Financial Data Exchange (FDX). FDX is a non-profit organization to unify the financial sector around the secure exchange of financial data. As a member of the board of directors, Quovo will join financial institutions, data platforms, and permissioned parties within the financial data ecosystem to address common challenges around how consumer account information is shared to enhance security, innovation, and consumer controls.
The collaborative nature of FDX and its members positions it to lead the way in solidifying the industry framework for robust and secure data sharing. We’re excited to be a part of the board and apply our experiences working with fintech innovators and major institutions to help inform the most useful and practical standards for data sharing. A main priority for FDX’s work is developing the Durable Data API (DDA) specification for sharing financial data.
“The next-generation of data access depends on having API specifications that promote safety and security. With Quovo becoming a registered Account Information Service Provider in the UK, I’m confident that Lowell and his team will be an excellent resource for FDX as we develop and deploy an interoperable Durable Data API spec in the US,” said Lila Fakharie, co-chair of FDX and Manager of Wells Fargo’s Digital Banking API team, including the data sharing program.
Our technology depends on financial data sharing APIs, so we want to ensure that sharing is done with safe and secure standards in place. We’ll work directly with other industry stakeholders to develop new standards that will shape the future of data sharing, and we’re committed to holding ourselves and our fellow members accountable for maintaining the standards.
“Quovo’s expertise will help us build a better DDA spec that addresses the complex data needs of the wealth management industry,” said Paul LaRusso, FDX board member and Head of Digital Data Sharing and Aggregation at JP Morgan Chase.
Current members of the board of directors include: Bank of America, BB&T, Capital One, Charles Schwab, Citigroup, Experian, Fannie Mae, Fidelity Investments, Finicity, FS-ISAC, Intuit, JPMorgan Chase, PNC Bank, N.A., Quicken Loans, SIFMA, TD Bank, TCH, USAA, U.S. Bank, Wells Fargo, Xero, and Yodlee.