About FDX and Their Mission
FDX is a non-profit industry standard body operating in the U.S. and Canada that is dedicated to unifying the financial services ecosystem around a common, interoperable and royalty-free technical standard for user-permissioned financial data sharing. FDX is an independent subsidiary of the Financial Services Information Sharing and Analysis Center (FS-ISAC), and has a global membership that includes financial institutions, financial data aggregators, fintechs, industry utilities, payment networks, consumer groups, financial industry groups and other stakeholders in the financial sector.
FDX is committed to five core principles of financial data sharing to empower end users to better understand, leverage, and benefit from their own financial data in a secure and reliable manner. These principles are: Control, Access, Transparency, Traceability and Security.
Why Truv Decided to Join FDX
Truv’s mission is to “Put Data Back into the Hands of Consumers.” Truv’s platform provides lenders, financial institutions, background screeners, and fintechs access to consumer-permissioned financial data sources. These consumer-permissioned data sources drive the following use cases:
- Income and Employment Verification
- Employment History Verification
- Direct Deposit Switching
- Paycheck-Linked Lending
- Insurance Verification
- Asset Verification
- Cash Flow Underwriting
Our consumer permissioned data platform not only gives consumers control over their financial information, it reduces lending risk, increases customer acquisition, reduces costs, and increases efficiency for lenders that Truv partners with.
Truv decided to join FDX because we believe open finance should accelerate to all data sources, not just data from banks and credit unions. We are passionate about our mission and will be working with other industry leaders to standardize data sharing for payroll, insurance, tax, and other data sources that are often siloed. As the financial industry moves towards open finance, Truv will continue driving greater efficiency i and give power back to consumers.
We’d love to talk about this mission with you, to learn more about Truv or schedule a demo please visit our website.