Flanks, a European WealthTech company focused on automation and data-driven insights, has partnered with finReg360, a regulatory advisory and consultancy firm for the financial sector, to launch EDX, Europe’s first standardised financial data exchange protocol designed to enhance wealth management and advance Open Finance across the region.
The launch of EDX (European Data Exchange) introduces a common protocol for the secure exchange of financial position data between custodian banks, wealth managers and advisory firms.
The initiative seeks to address a long-standing infrastructure gap in Europe, where the absence of standardised data frameworks has resulted in fragmented systems and heavy reliance on manual data reconciliation, limiting the ability of firms to deliver efficient advisory services.
By establishing a shared standard, EDX enables financial institutions to exchange comprehensive financial position data beyond basic current account information. This includes investment portfolios, pensions, insurance products and alternative assets.
Flanks cofounder and chairman Alvaro Morales said, “We’ve spent years proving we can connect to any custodian, regardless of their technology, from tier-1 banks to boutique private banks that refuse standard APIs. EDX takes that expertise and establishes it as market-wide infrastructure for Europe: a common protocol that facilitates the exchange of position data in a secure, traceable manner and subject to client consent.
“The real innovation is creating a protocol that competing institutions will actually adopt. Data was once a bottleneck for many custodians, but EDX turns that into a competitive advantage that meets the rigorous legal requirements that banks and regulators demand.”
finReg360 cofounder Jorge Ferrer added, “We are certain that, in the coming years, the exchange of reliable, real-time data will be a reality in the sector. Clients will demand it, and financial institutions will provide better services; holistic, immediate, and tailored. Therefore, we believe that anticipating this and creating a common protocol is a competitive advantage.
“Partnering with an industry leader like Flanks gives us immense confidence, as we are perfectly aligned in both vision and values. Furthermore, at finReg360, we provide the strategic vision and regulatory framework necessary to protect client privacy and ensure institutions meet their fiduciary duties, while fostering the development of innovative new services.”
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