Agreement pairs Kantara’s Consent Receipt specification with FDX’s open banking use cases and API standards to support enhanced financial data traceability
RESTON, Va. – September 25, 2019 – The Financial Data Exchange (FDX) and Kantara Initiative, two respected members of the digital standards and privacy community, have agreed to a collaboration through the pairing of each party’s technologies and frameworks that will advance the interests of a fairer, safer ecosystem to support the digital economy.
Under the agreement, FDX will acknowledge that Kantara’s Consent Receipt specification to create records of user-granted authority to process personal information in the context of financial data sharing as the premier global consent receipt specification. Kantara will promote the FDX API standard for interoperable open banking – including its open banking consent receipt profiles – as the premier global standard for secure consumer financial data sharing. The Consent Receipt’s progress to international standardization has been greatly assisted by API development and early adopter deployment.
“FDX couldn’t be more pleased to work with Kantara to help protect the integrity of the process consumers use to grant access to their personal financial information,” said Don Cardinal, FDX managing director. “With the mutual recognition of our standards as the best practices in our respective domains, we’re in a position to keep the financial services ecosystem at the vanguard of protecting consumer digital identity and privacy.”
Through the FDX API, technical frameworks and a commitment to the five principles of consumer control, access, transparency, traceability and security of financial data, FDX is working to unite the financial industry around a single, interoperable and royalty-free standard for secure and convenient consumer and business access to their ﬁnancial data.
Kantara is a community of individuals and organizations with a common societal purpose to give control of personal data back to people through specification and conformance scheme development focused on digital identity and privacy. It is the only organization focused on both privacy and digital identity.
“Kantara’s and FDX’s missions are synergistic, especially in our advocacy for data traceability” said Colin Wallis, executive director, Kantara Initiative. “The Consent Receipt specification is a strategic commitment – and we expect it to be the first in a range of developments using Kantara’s leading-edge global specifications and assurance services. It’s solutions like this that bring us forward, increase velocity in the digital economy and ultimately give people more confidence in the security and control of their data.”
Financial Data Exchange, LLC (FDX) is a non-profit organization dedicated to unifying the ﬁnancial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers consumers through its commitment to the development, growth and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability and security. Membership is open to financial institutions, fintech companies, consumer advocacy groups, and other industry participants. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.
About Kantara Initiative
The Kantara Initiative is the leading global community commons improving trustworthy use of identity and personal data through innovation, standardization and good practice. Kantara nurtures ground-breaking R&D, develops specifications and operates conformity assessment programs for the digital identity and personal data ecosystems. Kantara provides its coveted eID assisting Identity Assurance Trust Mark and groundbreaking specifications for User Managed Access, and the privacy enabling Consent Receipt. More information is available at https://kantarainitiative.org/.
Follow Kantara Initiative on Twitter — @KantaraNews