Open Finance Platform MX Adds Connectivity, Insights, Mobile Banking

Open finance platform MX has announced product updates that bolster 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 in the industry.

The product updates involve connectivity, insights, budgeting and mobile banking, according to a Wednesday (Sept. 21) press release.

“Financial data is the lifeblood of a connected economy,” MX Chief Innovation Officer Brett Allred said in the release. “Our vision is to make data accessible and actionable for all.”

To gain 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 with payments and financial services technology solutions provider Fiserv, according to the release.

MX has also added a new Spending Plan budgeting tool to its actionable intelligence platform MXinsights, which helps financial services companies offer consumers information that will help them make better financial decisions, the release stated.

Another product update announced by MX is its new Mobile Banking Software Development Kit (SDK) that allows developers to implement a mobile banking app on top of the MX platform application programming interface (API), per the release.

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

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

Read more: MX Teams With MeridianLink for Real-Time Verification

Under 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.