Authlete, Inc., a technology leader in API authorization, today announced its membership in the Financial Data Exchange, a non-profit organization for establishing standards for secure and convenient consumer and business access to their financial data. As a member of the community, Authlete will contribute to the API standards for better and secure data sharing in the financial industry.
We are excited to announce that Authlete, a security technology startup that provides OAuth 2.0 / OpenID Connect (OIDC) solution, has joined the Financial Data Exchange (FDX), a non-profit organization for establishing standards for secure and convenient consumer and business access to their financial data.
FDX is a nonprofit organization that is dedicated to unifying the financial industry around a common, interoperable and royalty-free standard for the secure access of user permissioned financial data, aptly named the FDX API. FDX has an international membership that includes financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities and other permissioned parties in the user permissioned financial data ecosystem.
“We believe that establishing secure and interoperable API specifications is a key success factor for financial institutions and fintech startups to accelerate the data sharing between the parties and provide better services to consumers. As a Financial-grade API certified solution provider, we will contribute to the community leveraging our experience in the financial industry and expertise in the API-related open standards, such as OAuth 2.0 and OIDC,” stated Taka Kawasaki, co-founder of Authlete, Inc.
Financial-grade API, being standardized by a working group under OpenID Foundation (OIDF), aims to provide specific implementation guidelines for online financial services to adopt by developing a REST/JSON data model protected by a highly secured OAuth 2.0 profile. Recently OIDF and FDX announced the agreement to collaborate to advance a common technical standard for the secure exchange of consumer financial information.
Don Thibeau, the Executive Director of OIDF and a member of Authlete’s advisory board, said, “Authlete’s deep understanding of the technology that drives open banking is demonstrated through its substantial contributions to international technical standards like OIDC and Financial-Grade API. They have been instrumental in the development and evolution of certification test suites by the UK Open Banking Implementation Entity, the OIDF and others. Authlete’s specialization in the technology at the nexus of security, identity and financial services enables substantive contributions to global interoperability and the development of open standards like those at the FDX.”
We are keen to encourage secure, interoperable, and wide adoption of the authorization standards and to aid the community. Authlete’s solution conforms to all security profiles for Financial-grade APIs so that enterprises can provide open APIs in a secure and interoperable manner. Please contact sales@authlete.com to get access.
Authlete, Inc., based in Tokyo and London, comprises a team of experts, with a wealth of experience specialized in API authorization related to security and identity management, who are actively involved in providing open standard specifications, including Financial-grade API. The Authlete OAuth 2.0 and OpenID Connect solution enables organizations to build and manage secure APIs more easily and quickly. Relying on Authlete to provide critical security functions, enterprises can focus on building more compelling services and delivering them to markets faster. For more information, visit https://www.authlete.com/.
Financial Data Exchange, LLC 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 https://www.financialdataexchange.org.