Collaboration will help create a clear path to open banking
ATLANTA–(BUSINESS WIRE)–GT Software, a mainframe modernization software company, announces today that it has joined the Financial Data Exchange (FDX), a non-profit dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure consumer and business access to financial data. GT Software believes that FDX’s strategic direction and standards will accelerate open banking adoption, reduce risk to companies and consumers, and facilitate the security and privacy required in an open economy.
FDX’s mission is to promote and enhance a common interoperable standard and operating framework to efficiently and securely share consumer and business financial data. Members include the most notable names in the financial data ecosystem, with a joint market cap in excess of $2 trillion.
“We look forward to our involvement with FDX to help accelerate open banking adoption in the U.S. by greatly simplifying and accelerating the enablement of legacy core banking systems,” says Stephen Hassett, president of GT Software.
GT Software decided to join FDX because payment processing in the U.S. is undergoing a fundamental evolution. Consumer expectations, competitive offerings, legislation and the advancement of technology are driving banks and financial services companies to deliver more transparency and more access to consumer funds and data. Legacy systems and processes must modernize to better support these changes.
As part of the FDX membership, GT Software will contribute to the evolution of industry-wide standards for the secure sharing of financial data that puts consumers in control of their financial lives. The FDX API is built on the latest technology standards for data specification and consumer-authorized access to ensure secure, intuitive user control over shared data. GT Software will use the FDX API as a basis for legacy system integration and can build the ability to import the FDX API into Ivory®, GT Software’s no-code integration platform, so that their clients can quickly and efficiently create APIs based on its specifications.
“We’re excited to have GT Software onboard. Nearly all large banks and financial services organizations use the mainframe as their system of record,” notes FDX Managing Director Don Cardinal. “Enabling legacy systems to support the FDX API will be fundamental in bringing secure financial data sharing to even more consumers and businesses.”
The standards and guidance that FDX provides will ultimately give GT Software’s clients a clear and accessible path to an open banking framework. The community FDX is building gives all participants of the financial services ecosystem a platform to share successes and failures, and a framework to execute and progress. These things, in turn, will give consumers more knowledge and control over their finances, which is one of the larger goals of open banking.
About GT Software
GT Software empowers many of the world’s largest banks—such as SunTrust, JP Morgan Chase, and Natixis—to accelerate their IT modernization efforts. By enabling companies to connect legacy mainframe assets with modern, cloud-based systems, GT removes a major roadblock for Fortune 1000 companies looking to elevate their customer experience. Pioneering the Open Banking movement in Europe and the US, GT Software allows mainframes to rapidly create inbound calls and call out. Now, legacy systems can perform functions such as real-time payment, fraud detection, KYC, and AML in real-time. GT Software is proud to help lead innovation with its 35+ years of mainframe expertise.
About the Financial Data Exchange
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