Digits joins the Financial Data Exchange (FDX) to strengthen secure data access

Jeff Seibert

Published September 11, 2020

At Digits, we have been strong and ongoing proponents of modern, secure connections between financial institutions. As part of our mission to give businesses real-time visibility into their finances, we believe in the need for common, open, interoperable standards for businesses to seamlessly transmit financial data.

Today, we’re excited to share that Digits has joined the Financial Data Exchange (FDX) as a full member of its consortium.

Enhancing the Security of Financial Standards

For many years, the lack of a secure communication standard between financial institutions has led to one-off data sharing arrangements, proprietary, incompatible APIs, and a veritable cottage-industry of “screen scraping” approaches — which have significant downsides in implementation cost, reliability, and of course data security. This has led to the formation of FDX, the leading nonprofit consortium that’s unifying the North American financial sector around a single, secure communication standard.

Drawing from our own rigorous security practices, we are excited to collaborate with other FDX members and share our techniques and learnings to drive further innovation in the industry.

A More Reliable Experience for Digits Customers

By contributing to and supporting secure communication standards, we also help guarantee the security and performance of our data integrations on behalf of our customers, including:

We’re looking forward to helping shape the next generation of transaction and authorization APIs that financial institutions use to securely interoperate. In parallel, we’re heads down gearing up for our next major launch this Fall. We can’t wait to share what’s behind the curtain when it’s time — stay tuned!