MX announces a new product to power the open finance economy
Snowbird — MX, a leader in Open Finance, today announced record-setting gains in financial data connectivity and the general availability of new product innovation and new implementation partners that bolster the MX platform. MX helps the world’s top financial institutions and fintechs access and act on financial data to build personalized money experiences for their users, increase the pace of innovation, and drive industry collaboration.
Today, MX announced product updates for connectivity, data-driven insights and budgeting tools, and mobile banking. This includes:
Record-setting financial data connectivity gains
In the past 12 months, MX has made significant upgrades to its already industry-leading infrastructure for financial account linking with:
- Increasing Instant Account Verification (IAV) coverage more than 300 percent year over year from 2021 to 2022
- Signing MX’s first data-sharing access agreement in Canada for CIBC’s 11 million clients
- Establishing a data-sharing agreement with Fiserv, becoming the first company to access tokenized consumer data via AllData® Connect from Fiserv
New data-driven insights and budgeting tools
MX introduced a new Spending Plan budgeting tool that helps consumers spend less than they earn, align spending to their financial goals, and plan for significant life changes. The Spending Plan budgeting tool is part of MXinsights, which is built to enable financial services companies to help their users make better financial decisions and improve their financial health. The company also launched new insights that protect users against unexpected expenses, help them control spending, and save money.
New mobile banking SDK and 5 new certified developer partners
As part of a developer-first approach, MX has introduced a new Mobile Banking Software Development Kit (SDK) that takes the company’s 5-star MXmobile app functionality and allows developers to implement a full mobile banking app independently, on top of the MX platform API. In addition, MX announced five new developer partners: Trabian, DataHouse, Praxent, Tailwind, and 10Pearls.
“Financial data is the lifeblood of a connected economy. Our vision is to make data accessible and actionable for all,” says Brett Allred, Chief Innovation Officer at MX. “These new product features and partnerships help build the open finance ecosystem and empower the world to be financially strong.”
To learn more about becoming a certified MX developer partner, visit www.mx.com/partners.
MX Technologies, Inc., a leader in Open Finance, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 13,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more follow us on Twitter and LinkedIn @MX or visit www.mx.com.