Customers using the Financial Data Exchange (FDX) API more than doubled in 2021, rising to 28 million during fall 2021 from 12 million in fall 2020. FDX is a non-profit devoted to standardizing financial data sharing as U.S. financial institutions adopt open banking.

The API supports open finance and open banking data sharing. In addition:

• More than 1 million additional consumer accounts were transitioned to the FDX API per month, which represents an increase of 6 million additional consumer accounts using the API.
• 2.2 billion calls per month were made to the API, indicating an expansion of data usage.

FDX’s API is currently on version 5.0, which supports more data sharing, consumer control and an updated security profile compared to previous versions.

FDX has a global membership and predominantly operates in the U.S. and Canada. The organization is comprised of more than 200 financial industry members and stakeholders, including Bank of America, Citi, Capital One, JPMorgan Chase, MX, Plaid, PNC, Royal Bank of Canada, Schwab, TD Bank, The Clearing House, Truist, US Bank and Wells Fargo, among others.

Cybercrime, workforce talent top concerns for banking executives, survey finds

Cybercrime and worker retention and recruitment top the list of bank executives’ concerns. in a survey.

A survey of 279 bank executives released Wednesday by core solution provider Computer Services Inc., queried banks of all sizes; it found that 26% ranked cybersecurity threats as a top concern, followed by 21% who cited recruiting and retaining employees as a top issue.

The survey also found that to enhance customer experience and market share:

• 51% will prioritize digital tools;
• 43% will prioritize customer relationship management; and
• 36% will prioritize digital lending.

Survey: Fintechs, FIs to increase crypto and blockchain spend by 61% in 2022

Fintechs and financial organizations indicated they’re spending an average of $176.4 million per year on cryptocurrency and blockchain projects — with plans to increase spending by 61% in 2022.

FTI Technology, a provider of data solutions for businesses, in a recent survey questioned decisionmakers at organizations with average annual revenue of $11.6 billion, and revealed:

• 75% consider their blockchain and cryptocurrency projects very successful; and
• More than 85% said they believe the net impact of blockchain technology will be positive for all stakeholders.
• 73% of payment organizations shift to electronic payments
• A majority 73% of payment organizations are transitioning to electronic payments from checks.

According to a recent survey by the Association for Financial Professionals that queried 350 respondents with accounts payable responsibilities, the chief reasons for the transition are to increase efficiency, save money and reduce costs.

The survey also found that of the queried accounts payable organizations:

• 76% use Fedwire and CHIPS payments systems, which are used more extensively by publicly-owned organizations with an annual revenue of at least $1 billion;
• 67% of companies use credits cards;
• 37% used debit cards;
• 29% used real-time payments; and
• 16% used virtual cards.

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