Appruve, has joined the Financial Data Exchange (FDX) providing new opportunities for the organisation to launch their financial data Application Programming Interface (API) across Ghana and other key markets in Sub-Saharan Africa (SSA) such as Nigeria and Kenya.
As a member of FDX, this also provides implementation efficiency for Appruve’s own compliance with “open ID FAPI (Financial grade API) standards”.
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.
Upon joining FDX, Appruve is now part of 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 an API-based data sharing.
The Founder & Chief Executive Officer (CEO) at Appruve, Paul Damalie opined that “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.
“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,” he added.
Commenting on this new intitiative, Don Cardinal, Managing Director (MD) of the Financial Data Exchange revealed that his outfit is thrilled to have Appruve join FDX adding that “our membership is increasingly global in nature and so FDX will benefit from Appruve’s perspective on the needs of the African marketplace”.
With this exciting development, giving us the opportunity to collaborate with leading financial institutions and fintech organizations around the world, it will accelerate our mission to help our clients and partners to easily onboard and verify identities and gain actionable insights, Don Cardinal remarked.
Financial Data Exchange (FDX) is a non-profit organization dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for the secure access of permissioned consumer and business financial data, aptly named the FDX API.
Also, representing an industry-wide movement, FDX helps 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.
FDX is an independent subsidiary of the Financial Services Information Sharing and Analysis Center (FS-ISAC).
Appruve is an organisation known for empowering Africans by creating new business opportunities by focusing on providing tools that enable identity verification across the continent.
Currently, it 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 Digital Financial Services (DFS) Lab 2018, Startup Boot Camp Afritech 2018, Google ML Accelerator 2018, 2019 cohort of the Facebook Accelerator and the HILL Justice Accelerator 2019.
