Flanks, a European WealthTech company specialising in automated data connectivity and analytics, has partnered with finReg360, a regulatory advisory and consultancy firm for the financial sector, to launch EDX, Europe’s first standardised protocol for the exchange of financial position data between financial institutions.
EDX (European Data Exchange) is designed to enable the secure and standardised sharing of financial position data between custodian banks, wealth managers and advisory firms. The initiative aims to address a long-standing infrastructure gap in Europe, where fragmented and incompatible systems continue to limit the ability of firms to deliver consolidated reporting and efficient wealth advice to clients.
Unlike other markets such as the United States and Switzerland, Europe lacks a unified framework for the exchange of comprehensive financial position data beyond current accounts. As a result, wealth management professionals are often forced to rely on manual reconciliation processes, reducing the time available for advisory and planning activities. EDX seeks to resolve this by creating a common operating standard for requesting, authorising, transmitting and validating financial data.
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.”
Read the daily FinTech news
Copyright © 2025 FinTech Global
Copyright © 2018 RegTech Analyst
