Banking Data Group DecisionLogic Joins Financial Data Exchange

SAN DIEGO, Sept. 4, 2019 /PRNewswire-PRWeb/ -- DecisionLogic, a pioneer in advanced bank verification solutions that enable lenders to instantly qualify potential borrowers based solely on their banking histories, today announced it has become an official member of global banking initiative, the Financial Data Exchange (FDX), a single interoperable industry standard for financial data sharing.

Established in 2018, the Financial Data Exchange is a nonprofit organization consisting of banking industry leaders dedicated to the secure access of consumer and business financial data and promotes communication and collaboration across the financial data industry. Current FDX members include dozens of global leaders that span the entire financial services ecosystem including American Express, Bank of America, Capital One, Charles Schwab, Chase, Citi, Fidelity, Intuit, Quicken Loans, TD Bank, US Bank, USAA and Wells Fargo. In addition to promoting universal standards and protocols, FDX has developed an Application Programming Interface (API) that provides greater security to sensitive consumer data and offers an enhanced user experience.

Headquartered in San Diego, DecisionLogic has quickly established itself as the premiere data source for bank account verification solutions for financial industry lenders and recently surpassed 25 million consumers via its innovative bank verification Software-as-a-Service (SaaS) platform. Traditionally, bank verifications had been slow, inaccurate and prone to the compromise of sensitive data by fraudsters. Subsequently, DecisionLogic's solutions have introduced unprecedented efficiency, speed and security to the bank account verification process, these technological advancements are now likely to benefit the entire FDX organization.

"The timing couldn't be better for us to join and collaborate with our Financial Data Exchange partners," said David Evans, CEO of DecisionLogic. "The latest FinTech innovations are reinventing the way financial data is created, shared and protected. A forward-thinking coalition, like FDX, not only reinforces the entire financial sector with better communications and security, but also better serves the millions of consumers that benefit directly from stronger protocols and strategic alliances."

About FDX

The Financial Data Exchange (FDX) is a non-profit financial industry organization dedicated to promoting and enhancing a common interoperable standard for securely sharing consumer 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 a subsidiary of FS-ISAC. For more information and to join, visit http://www.financialdataexchange.org

About DecisionLogic

DecisionLogic is a San Diego-based leading provider of advanced bank verification software enabling lenders to instantly verify a potential borrower's banking information online and in real-time. DecisionLogic's SaaS platform addresses multiple pain points for both lenders and borrowers, solving for inefficiency and fraudulent reports while improving accuracy. DecisionLogic aims to improve the loan process and increase economic opportunity by offering disruptive technologies, a commitment to data and superior customer support. For more information, visit https://www.decisionlogic.com

SOURCE Financial Data Exchange