Appruve has announced it has joined the Financial Data Exchange (FDX). FDX is a non-profit organization dedicated to unifying the financial industry around a common, interoperable standard for the secure access of data—the FDX API.
With this exciting development, Appruve now joins a host of notable organizations including Bank of America, Xero, Wells Fargo, Plaid and Mastercard, that are collaborating on a modern, transparent and secure approach to API-based data sharing.
In today’s consumer-centric, digitally-driven era, some of the most significant players in the financial data ecosystem are coming together to help consumers and businesses make informed financial decisions by sharing their financial data safely and conveniently.
“As the first Sub-Saharan African member of FDX, our membership allows us to shed light on open finance with an African context. It also adds credence to our engagement with regulators, telcos, pan-African and other emerging markets financial services groups,” Paul Damalie, Founder & CEO at Appruve said.
“We are excited to enable new opportunities as we launch our financial data API across key markets such as Ghana, Nigeria and Kenya, enabling our clients to access identity, financial account and fraud data at scale,” he added.
FDX represents an industry-wide movement to enhance consumer and business control of financial data, through the adoption of its API and technical standards dedicated to their core principles of user-permissioned data sharing – Control, Access, Transparency, Traceability and Security. Being a member of FDX also provides implementation efficiency for Appruve’s own compliance with open ID FAPI (Financial grade API) standards.
“We are thrilled to have Appruve join FDX. Our membership is increasingly global in nature and so FDX will benefit from Appruve’s perspective on the needs of the African marketplace,” said Don Cardinal, Managing Director of the Financial Data Exchange.
This exciting opportunity to collaborate with leading financial institutions and fintech organizations around the world will accelerate our mission to help our clients and partners to easily onboard and verify identities and gain actionable insights.
Appruve is used by financial institutions such as Sterling Bank in Nigeria, Ecobank Group, IC Securities one of the largest asset managers across West Africa and numerous fintechs across Africa. Appruve is an alumnus of the DFS Lab 2018, StartupBootCamp Afritech 2018, Google ML Accelerator 2018, 2019 cohort of the Facebook Accelerator and the HILL Justice Accelerator 2019.
