Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced its role as a sustaining member of the Financial Data Exchange (FDX), a non-profit group formed to establish information sharing and security standards for the financial sector.
Fiserv brings decades of data aggregation expertise and experience to the group and will have a seat on the board.
“In the financial services industry, security is non-negotiable and standardization makes data more reliable and useful for providers as well as consumers,” said Don Cardinal, managing director, Financial Data Exchange. “We look forward to the ongoing participation and contributions of Fiserv as we work to unify the financial sector to facilitate easy and more secure exchange of information.”
FDX is leading the industry wide commitment to enhance consumer controls of financial data through an application programming interface (API) and technical standards that prioritize security, transparency and user experience. The group comprises leading financial institutions, data aggregators, fintechs and permissioned parties who, through development and implementation of the FDX API, are providing standardization that will make it easier and safer for consumers to use their financial data with third-parties that help consumers manage their finances.
Fiserv plays a unique role in the market as both a direct account aggregator and service provider holding data for thousands of banks and credit unions. A range of companies as well as consumers rely on account aggregation solutions from Fiserv, from fintechs disbursing wages on-demand, to lenders automating and expediting the lending process, to financial institutions helping customers gain insight into investments and spending.
AllData® Aggregation from Fiserv delivers data from more than 18,000 sources, including bank, investment, retirement, insurance, credit card, mortgage and annuity accounts, providing end users with a comprehensive portfolio view of assets and liabilities held within their financial accounts. AllData Advisor® from Fiserv automates the creation of a consolidated view of client assets and liabilities for financial advisors and broker-dealers and their investor clients, while AllData PFM enables financial institutions to provide customers with a complete view of their finances across all their online accounts at one or multiple financial institutions.
“Fiserv is committed to sharing information and collaborating on new approaches for the exchange of financial data by fintech companies, financial institutions and consumers,” said Whitney Stewart Russell, senior vice president, product and strategy, Electronic Payments, Fiserv. “By fostering innovation and uniting with FDX to improve the exchange of financial data we will be able to deliver added value to our clients and consumers while helping move the industry forward.”
Fiserv joins additional members of the FDX board of directors, including: 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, The Clearing House, USAA, U.S. Bank, Wells Fargo, Xero and Yodlee.