Regions and the Financial Data Exchange (FDX) recently announced that Regions will be joining its network of approximately 200 financial service institutions.
FDX is non-profit organization that works through its members to define and promote adoption of common, interoperable standards for financial data sharing that are the foundation of open banking and open finance. Its goal is to enhance consumer and business control of financial data, through common APIs (application programming interfaces) and technical standards that prioritize FDX’s core standards of “Control, Access, Transparency, Traceability and Security.”
“Our position is that we want to learn and influence the industry’s Open Banking standards,” said Andy Hernandez, Chief Digital Officer. “Today, teams at Regions use open APIs and actively work with trusted, innovative fintechs to build and enhance many of the services we provide. By joining FDX, we move our innovative capacity forward, as well as what we can potentially offer customers in the future.”
Joining FDX is another phase in Regions’ digital transformation strategy – to bring convenience and a best-in-class digital experience to customers.
FDX works to provide a framework in which financial service providers can better empowers consumers and small businesses to achieve their financial goals, access capital, manage their finances, and improve their financial health.
Through Open Banking, Regions enables Retail Bank customers to make more informed financial decisions and benefit from the use of resources like cash flow management, budgeting, debt reduction and net worth tracking tools across their entire financial footprint. This technology benefits Wealth Management clients in understanding their financial health and portfolio aggregation in real time. Commercial clients can innovate with Regions to meet their automation goals utilizing secure APIs.
Learn more about FDX, its work and mission.