The Financial Data Exchange (FDX) announced Tuesday the addition of 18 new members to the nonprofit group, including the $143 billion M&T Bank and banking core technology provider Jack Henry. FDX is looking to standardize financial data sharing as U.S. financial institutions continue to adopt open banking.

At its core, open banking allows third-party vendors to access data collected by banks and financial institutions using APIs, and the standards developed by members of FDX aim to facilitate the movement of data in a uniformly permissioned way.

“As with all tech transitions in financial services, nothing happens overnight,” Tom Carpenter, marketing director at FDX, told Bank Automation News. “So we typically see member firms pilot the spec in some way as they work toward full implementation,” he added.

FDX’s board is open to membership from banks, fintechs, Citi, Capital One, Envestnet Yodlee, Experian, Fannie Mae and JPMorgan Chase, among others. The group has a total of 186 members of which, 55 are “financial institutions or financial institution industry organizations,” Carpenter said.

Adoption metrics released by FDX in April indicate that the U.S. and Canada are leading the adoption of open banking with 16 million consumers using FDX’s API.

“Net onboarding waves always get larger and larger,” Don Cardinal, managing director of FDX, previously told BAN.

The growth also translates to consumers being transitioned from credential-based data sharing and screen scraping to the API standards formulated by the organization.

“Jack Henry joined FDX to help establish broader industry alignment for open banking,” the technology provider told BAN.

M&T Bank did not respond to a request for comment before press time today.

Carpenter said that while some new members may have requested access to the organization’s API, others prefer to look at it before they officially join. “For many, joining FDX means they are starting the process of engaging with the spec,” he added.