FDX lays out “Five Principles of Data Sharing” in a new white paper, offers guidelines for the industry to create more open, connected financial services ecosystem and protect consumers
PRESS RELEASE — RESTON, VIRGINIA — The Financial Data Exchange, LLC (FDX) has published a new white paper laying out the group’s core principles: The Five Principles of Data Sharing. The principles serve both as operating principles for FDX, as well as guidelines for the financial services industry on the essential elements of a secure, transparent consumer-first approach to the sharing of financial data.
The Five Principles of Data Sharing are derived from and influenced by thought leaders in the financial industry as well as regulatory entities and worldwide standards bodies. They are:
- Control: Consumers should be able to effortlessly grant, modify and revoke access to their financial data for applications or services they desire to use.
- Access: Account owners should have access to their data and the ability to determine who will have access to their data.
- Transparency: Individuals using financial services should know how, when, and for what purpose their data is used and know who they have permission.
- Traceability: All data transfers should be traceable. Consumers should have a complete view of all parties that are involved in the data-sharing flow.
- Security: Service providers need to ensure the safety and privacy of data during access and transport and when that data is at rest.
“Consumers should be empowered to leverage and benefit from their financial data, which has the ability to improve financial literacy, financial decisions, and convenience,” said Don Cardinal, managing director of FDX. “In charting the financial industry’s course towards a more open, connected ecosystem, we believe these principles will protect consumers and are the bedrock upon which any data sharing should occur.”
For more information on the Five Principles of Data Sharing and how they should be put into practice, download the new FDX White Paper, available here.
Financial Data Exchange, LLC (FDX) is a non-profit organization dedicated to unifying the ﬁnancial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers consumers through its commitment to the development, growth and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and security. Membership is open to financial institutions, fintech companies, consumer advocacy groups, and other industry participants. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.