Jason talks to Tom Carpenter and Jason Chomik from the financial data exchange which is an organization that works towards unifying data flow across different financial platforms.
Episode Highlights:
- 01.15: Tom explains that FDX is a not-for-profit organization specializing in an open banking or open fintechnical structure. They got an API that is open to use and one can freely use the API to ensure the safe exchange of data between organizations.
- 03.46: The industry could work together that you had a governance structure that levels the playing field among Fintech's, financial institutions, and aggregators so that the market could determine the best way to deliver on consumer demand, says Jason Chomik.
- 05.24: Open finance is probably the camel's nose under the tent of a broader set of use cases and a desire for consumers access, user data across a spectrum of industries, says Jason Chomik.
- 11.50: Tom points out that on boarding many institutions is complex, and it is not a light undertaking, especially when you start thinking about the different security protocols and all of the other pieces that need to go in place to make everything happen.
- 13.43: You got a lot of adoption that you have to get before you can turn off an old technology to make the other ubiquitous, suggests Jason Chomik.
- 14.31: Jason Chomik says you got to phase a timeline for phased implementation to adopt API standards. They have seen other jurisdictions around the world that put very aggressive timelines in place on API adoption.
- 19.19 Jason asks, you had one wish for something that could change your company or industry as a whole what could it be?
- 19.30 Tom says his wish would probably be more data-sharing agreements signed more quickly for us to create scale quickly.
- 21.39: No matter what type of open banking infrastructure is put in place for the system or in place around the world, the standard API is a function of all of them.
- 25.08: Jason asks what excites you the most about what you are working on and keeps getting out of bed in the morning to keep on fighting the good fight.
3 Key Points:
- Jason Chomik shares why they started using available finance. They felt this is broader than banking data, and insurance, investments, and taxes are considered a wide swath of financial information.
- The more people work with you, the more straightforward it becomes to transact within the network and the more valuable it becomes.
- Jason Chomik says, from a success standpoint they noticed, how many consumer accounts have been transitioned from credential-based access to the FDX API.
Tweetable Quotes:
- "Tom created a platform for companies with their different systems" – Jason Pereira
- "It's the biggest challenge to making sure that both the Fintech's and the banks are walking to the same drum because all have the same end goal." - Tom
- "Open banking is one of the single most important business issues if not data rights issues in the marketplace today." - Jason Pereira
Resources Mentioned:
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