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Open Finance, FDX Standards

The financial data landscape is quickly shifting, expanding the attack surface for IT professionals.
Zero Trust is moving from shared secrets (screen scraping) to managed permissions via tokenized FDX APIs.
FDX is a governance framework and security philosophy protecting over 114 million connected accounts.
The enforcement layer relies on FAPI 2.0 and compliance to prevent tokens from being hijacked.
Immediate IT priorities include eliminating screen scraping and implementing pre-transaction fraud controls.

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Open Finance is far more than Open Banking - 10 pg

Open Finance extends Open Banking to include payroll, tax, and insurance data, requiring FDX security standards.

IT Focus:

Zero-Trust: Replace screen scraping with FDX/OAuth 2.0 tokens (driven by CFPB 1033).
FDX Security: Ensures Control, Access, Transparency, Traceability, and Security (including FAPI 2.0).
Vendors: Aggregator choice must support zero-trust and use cases.
Fraud: Real-time payments (FedNow, SEPA) need pre-transaction, AI-driven fraud checks.

Action Items: Eliminate screen scraping, audit token scopes, prepare for instant payments, map the data perimeter, gate AI access, and implement FAPI 2.0.

Video

Open Finance, FDX Standards

PDF

Open Finance is far more than Open Banking - 10 pg

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