MX adds connectivity, information and mobile banking


Open financial platform MX announced product updates that enhance the platform’s ability to deliver financial data to financial institutions (FIs) and FinTechs and help them improve their customer experiences, pace of innovation and collaboration with others sector players.

Product updates involve connectivity, news, budgeting and mobile banking, according to a Wednesday (September 21) Press release.

“Financial data is the cornerstone of a connected economy,” said MX chief innovation officer Brett Allred said in the press release. “Our vision is to make data accessible and actionable for everyone.”

To achieve financial data connectivity, MX has over the past year tripled its Instant Account Verification (IAV) coverage, signed a Data Sharing Access Agreement in Canada with CIBC, and established a Data Sharing Agreement of data with payment technology and financial services provider Fiserv, according to the statement.

MX has also added a new spending plan budgeting tool to its MXinsights actionable intelligence platform, which helps financial services companies provide consumers with insights that will help them make better financial decisions, the statement said.

Another product update announced by MX is its new Mobile Banking Software Development Kit (SDK) which allows developers to implement a mobile banking application on top of the Application Programming Interface (API ) of the MX platform, according to the version.

“These new product features and partnerships help build the open finance ecosystem and enable the world to be financially strong,” Allred said in the release.

The announcement of these product updates comes three weeks after MX and the financial software platform MeridianLink announced a reseller agreement to speed up and improve the digital account opening process.

Read more: MX teams up with MeridianLink for real-time verification

As part of the agreement, MeridianLink Opening will integrate MX’s IAV product to enable its customers to instantly provide the information they need to verify and connect their external financial accounts.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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