Innovecture, LLC has joined membership with the Financial Data Exchange, LLC (FDX). This membership aims to support FDX in creating a common standard for the entire financial industry.
The decision to join FDX is led by Innovecture’s current involvement in creating and deploying standards-based core banking API’s for its customers. This involvement is driven by the company’s top architects and engineers who are researching multiple global standards and are creating a comprehensive API catalogue for which they are filling the current gaps within the existing data models, API specifications, and security models. Innovecture aims to contribute its leading industry research and thought leadership to FDX and support their mission to create a common standard for the entire financial industry.
In this digital economy it is the consumer who will benefit if all financial institutions could exchange data in a faster, cheaper, and more secure method. For example, current pain points and fears for consumers include;
1. having to log into multiple financial systems,
2. long customer service phone calls and waits,
3. money transfer delays that can last multiple working business days (especially overseas); and,
4. fear of falling victim to cyber-attacks.
These implications and worries will drastically improve, perhaps disappear completely, if the industry could successfully implement a global standard which is what Innovecture is here to help with.
Regarding the FDX API, Shreyas Kamat, CEO of Innovecture, stated, “We envision of helping our clients improve customer satisfaction and reduce total cost of ownership by building all of their digital banking applications portfolio such as internet banking, customer servicing, payments, marketing, and case management.”
“We believe in listening to all industry voices to build a standard that gives consumers and businesses the easiest, most secure access to their financial data,” said Don Cardinal, Managing Director of FDX. “We welcome Innovecture to FDX and look forward to their participation in the development and further evangelization of the FDX API standard.”
To establish and maintain a consumer-based, forward-thinking digital environment, Innovecture employees abide by four strategic core values areas as shown below.
INNOVECTURE CORE VALUES
Competency – “Be the Best at what you do.”
Commitment – “Commit 100% to your customer.”
Communication – “Be concise and transparent.”
Innovation – “Be innovative in everything you do.”
In conclusion, the overall goal of the partnership between Innovecture and FDX is clear – impactful global standardization. Consumers using the industry’s digital banking applications will get a jump start in their digital transformation journey by leveraging a standard, core banking API catalogue. This leap will also provide end consumers with a comprehensive and standardized data model in conjunction with API specification. “This will help customers reduce their time and costs,” continued Kamat, “to market and improve the interoperability with their own consumers and partners.”
ABOUT INNOVECTURE
Established in 2007, Innovecture is a Global Technology and Management consultancy company, providing consulting, technology and research services to clients around the world. With a major focus on the banking, financial services and insurance (BFSI) sector, Innovecture has an impressive global presence in providing strategic technology solutions and architecture that enhance the business goals of our clients. Innovecture has been recognized multiple times as a MWCN Utah 100 and Inc. 5000 fastest growing company. Innovecture has been privileged to be a major contributor in digital transformation projects for several Fortune 500 BFSI clients. For more information, visit https://www.innovect.com or find the company on LinkedIn.
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 http://www.financialdataexchange.org.
Media Contact
For questions regarding this press release or for more information, e-mail Innovecture at thayne.martin@innovect.com or call at 801-495-7050. Read more about the company at https://www.innovect.com.
