With the launch of EDX (European Data Exchange), Flanks has taken another strategic step forward in its mission to structure the data infrastructure still lacking in European wealth management. Working alongside finReg360, a leading regulatory consultancy, the European WealthTech is transforming proven operational expertise into a true market standard.
From connectivity to marketplace infrastructure
Over the last few years, Flanks has established itself as a key player in wealth consolidation in Europe, with a unique ability to connect to over 600 financial institutions in 33 countries, covering both major international banks and more specialized private establishments. This expertise, historically mobilized to serve wealth management players, is now becoming the foundation of a broader ambition: to create a common protocol for exchanging financial position data on a European scale.
EDX is not just another tool in an already dense ecosystem. It's a place-based infrastructure, designed to enable existing systems to communicate with each other without any major overhaul or technological dependency. A paradigm shift for a sector still marked by fragmented exchanges and time-consuming manual processes.
A standard designed for the field, not just for theory
Where many open finance initiatives remain theoretical, Flanks starts from reality. EDX has been designed to work with the operational constraints of custodians: APIs where they exist, secure access where they don't, structured report reading for alternative assets. The protocol acts as a common language, capable of adapting to the diversity of European infrastructures.
This pragmatic approach enables financial institutions to immediately improve data quality and reliability, while retaining control of their architecture and customer relationships.
Anticipating FIDA: a decisive competitive advantage
With the imminent arrival of the FIDA regulation, standardized access to a consolidated view of assets will become a regulatory imperative. Unlike PSD2, which focuses on payments, FIDA will cover all financial assets, from investment accounts to insurance products and alternative investments.
By launching EDX today, Flanks is offering the market a proactive alternative: an infrastructure carried by the players themselves, aligned with future regulatory requirements, and designed to avoid the hasty and costly implementations the industry has experienced in the past.
Giving time and value back to wealth advice
Beyond compliance, the stakes are strategic. By facilitating access to comprehensive, real-time data, EDX enables private banks, family offices and advisors to refocus their added value on advice, financial planning and long-term relationships.
For end customers, this translates into consolidated, multi-depository and multi-asset class wealth visibility. For institutions, it means a greater ability to offer more personalized, comparable and scalable services.
A European vision of wealth management open finance
With EDX, Flanks is not just solving a technical problem: the company is helping to structure European open asset finance around clear principles - security, traceability, data sovereignty and customer consent.
Initially launched in Southern Europe and designed for gradual deployment across the continent, EDX illustrates Flanks' vision of making wealth data a strategic lever for more transparent, efficient and customer-oriented wealth management.
This article has been automatically translated using Breeze, powered by DeepL.