Flanks And FinReg360 Launch EDX, Europe’s New Standard For Financial Data Exchange

Flanks, a leading European WealthTech company transforming the industry through automation and data-driven strategic insights, has partnered with finReg360, Spain’s top regulatory advisory and consultancy firm for the financial sector, to launch EDX (European Data Exchange).

This marks the first standardized protocol for exchanging financial position data between custodian banks, wealth managers and advisory firms across Europe.

EDX creates a unified framework for the secure transfer of financial data among banks, wealth managers and advisors, addressing a key gap in Europe’s wealth management infrastructure. Unlike the U.S. and Switzerland, which have standardized systems for exchanging comprehensive financial position data beyond current accounts, European institutions rely on fragmented incompatible systems.

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This forces professionals to spend significant time on manual data reconciliation rather than focusing on client management and advisory.

The lack of consolidated data access also prevents firms from delivering the unified reporting that sophisticated, multi-custodial clients now expect from their lead financial partners.

The timing of this initiative is critical. Europe’s Data Strategy, with the Data Act at its core is driving a digital economy centered on the secure and efficient exchange of data. The European Commission’s push for a data-driven financial sector, part of its Digital Finance Strategy further reinforces this effort. Within this context, the proposed Financial Data Access (FIDA) regulation, along with the Retail Investment Strategy, aims to extend data-sharing standards to the financial industry, fostering a more interoperable, competitive and user-centric ecosystem.

Unlike PSD2, which focused on payment transactions, FIDA will mandate standardized access to a comprehensive wealth overview including investment accounts, pensions, insurance products and alternative assets. The sector now faces a strategic choice: adopt a standardized data infrastructure proactively via market-driven solutions like EDX or risk rushed, costly, and inefficient implementations as seen with PSD2.

EDX establishes a secure standardized “data highway” for financial information, ensuring traceability legal guarantees and full data sovereignty. Custodian banks retain control while enabling the secure exchange of information under client consent. Unlike traditional software tools that require complex integration EDX functions as a common language allowing existing systems to communicate without restructuring core databases.

It is methodology-agnostic and compatible with existing infrastructure via APIs, credential-based access, or structured reports for alternative assets eliminating the need for system rebuilds.

This partnership combines Flanks’ ability to connect with over 600 financial institutions across 33 countries, processing more than 500,000 portfolios monthly, with finReg360’s regulatory expertise. Together, they tackle a critical challenge in financial services: delivering high-quality, real-time client insights across all segments. As financial advice and planning become central to client value fragmented data access has limited the sector’s ability to provide comprehensive comparable services.

For clients, EDX offers real-time visibility across all institutions and asset classes. For the European financial sector, it provides a practical infrastructure to advance Open Finance while preserving institutional control over client relationships and data governance.

Alvaro Morales, Cofounder and Chairman at Flanks commented, “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.”

"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.”, adds Jorge Ferrer, Cofounder at finReg360.

Through this partnership, Flanks and finReg360 are in advanced discussions with European financial institutions across retail banking, private banking, and independent wealth management. EDX is initially launching in Southern Europe and has been designed from the outset for seamless implementation across Europe as Open Finance continues to develop.