DENVER, Colo.–CUFX, the Credit Union Financial Exchange, said it is expanding its support of open banking and interoperability by joining the Financial Data Exchange (FDX) consortium.
FDX is a non-profit organization operating in the U.S. and Canada that is dedicated to unifying the financial industry around a common, interoperable and royalty-free standard for the secure access of user permissioned financial data, aptly named the FDX API.
CUFX was acquired from CUNA’s Technology Council in 2021 by Bonifii, which was formerly known as CULedger.
By collaborating with FDX, CUFX said it will enable credit unions and interested organizations to bridge both standards to leverage a broader, more interoperable transaction set and market reach.
In addition, CUFX has sought to create the credit union industry’s open integration standard allowing credit unions to efficiently share data between banking systems, reduce redundancy, reduce technical complexity, drive down costs and improve speed to market. Since its inception, the credit union industry has greatly benefited from CUFX by supporting credit unions’ own API gateways or through easy integrations with third-party providers, CUFX said.
“With CUFX as a protocol for the exchange of data, this membership will give credit unions a seat at the table with a best-in-class standards organization and help CUFX further evolve in support of digital identities, open banking and API exchanges,” said John Ainsworth, president/CEO of Bonifii.