FDC3 is an abbreviation to the Financial Desktop Connectivity and Collaboration Consortium.
I am currently preparing to take the FDC3 Beta Exam on 10/22/23 and will report on the experience afterwards. The demonstrations that I have seen show heavy use of JSON to promote interoperability.
The FDC3 Standard currently consists of four complementary parts. These include:
- A REST-based App Directory for app definitions,
- A set of verbs, known as Intents, used to invoke actions in other applications,
- A Context Data format used to encode information passed between apps,
- A set of API operations that must be implemented by a Desktop Agent.
The Financial Desktop Connectivity and Collaboration Consortium (FDC3) is an industry-led initiative aimed at promoting open standards and protocols for secure and efficient communication between financial desktops and other devices, applications, and platforms. The consortium was established in 2019 and currently has over 40 member organizations, including leading financial institutions, technology providers, and industry associations.
The main objective of FDC3 is to create a common language for communication across different financial desktop environments, enabling seamless collaboration, data sharing, and workflow automation. This would facilitate the integration of various financial applications and data sources, reduce costs associated with developing and maintaining proprietary connections, and enhance the overall efficiency and effectiveness of financial operations.
FDC3 focuses on solving the following key challenges:
- Desktop interoperability: Enabling seamless communication and data exchange between different desktop applications, such as email, instant messaging, voice, and video conferencing, as well as collaboration platforms.
- Data standardization: Developing and promoting standardized data formats and protocols for financial information, such as market data, customer data, and transaction data, to facilitate efficient data sharing and processing.
- Security and authentication: Implementing robust security measures, such as encryption, authentication, and authorization protocols, to ensure secure communication and data protection.
- Workflow automation: Enabling automated workflows across different applications and systems, streamlining business
processes, and improving productivity.
FDC3 members work together to create and maintain open standards, APIs, and software development kits (SDKs) that support the consortium’s objectives. The consortium also provides a testing and certification program to ensure interoperability among different implementations of the FDC3 standards.
Ultimately, the Financial Desktop Connectivity and Collaboration Consortium aims to drive innovation and digital transformation in the financial industry by fostering open communication, collaboration, and data sharing among market participants. OpenFin and Adaptive are leading voices in this space and future blog posts will be devoted to examining contributions from both organizations.
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