Open finance firm MX and financial software platform MeridianLink announced a reseller agreement to speed up and enhance the digital account opening process.
Under the agreement, MeridianLink Opening will integrate MX’s Instant Account Verification (IAV) product to enable its customers to instantly provide the information they need to verify and connect their external financial accounts, according to a press release on Thursday (Sept. 1).
MeridianLink Opening allows consumers to quickly and easily open and fund new deposit accounts, but with the MX integration, the user experience is streamlined whiled also reducing fraud risk and increasing conversion.
“We love how MX is built for financial institutions and FinTechs to deliver seamless connectivity and verifications,” said Amy Daniels, SVP, Partner Marketplace, MeridianLink.
“By integrating its IAV solution into MeridianLink Opening, the consumers served by our FI clients can quickly verify their account information to fund new deposit accounts, which will reduce drop-offs during the onboarding process and ultimately help the bottom line of the institution,” Daniels added.
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By integrating MX and MeridianLink, money movement is speeded up due to instant verification of accounts and balances before payments are processed. Onboarding new customers is easier because of simplified account verification. Fraud is also reduced because the information provided can be instantly verified.
“The ability to have Instant Account Verification without waiting on microdeposits is key to providing smooth and streamlined onboarding,” said Don Parker, EVP of Partnerships at MX.
He added that the new integration with MeridianLink will make it easier for banks to give their customers a “better, faster experience.”
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Headquartered in Lehi, Utah and founded by Ryan Caldwell and Brandon Dewitt in 2010, MX Technologies is building an open finance ecosystem to help drive innovation and improve experiences through secure and reliable access to financial data.
MeridianLink is based in Costa Mesa, California and was co-founded in 1998 by Binh Dang and chief strategy officer Tim Nguyen. The cloud-based tech firm enables banks, credit unions, mortgage lenders, and related agencies to streamline loan decision-making, loan origination, and customer collection workflows.
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