Orum and MX Partner on Money Movement Solutions for FinTechs

Payments platform Orum and open finance firm MX have partnered to make it easier for FinTechs to add innovative money movement and payments functionality to their apps.

The partnership brings together Orum’s unified money movement application programming interface (API) and MX’s instant account verification (IAV) and balance check capabilities, the companies said Wednesday (Nov. 2) in a press release.

“By partnering with MX, Orum is further enhancing the ability to offer the best experience for developers who value simplicity and security, and end-customers who want instant funds availability,” Orum Chief Revenue Officer Rouzbeh Rotabi said in the press release.

With these solutions, FinTechs can more easily enable instant payments in any direction at any time, according to the release.

Orum’s API manages risk and orchestrates multi-rail transfers, while MX’s capabilities help FinTechs quickly and accurately verify and aggregate consumers’ financial information, the release stated.

“MX and Orum’s shared commitment to enabling best-in-class financial experiences and outcomes through cutting-edge platforms makes this a natural partnership,” MX Executive Vice President of Channel Partnerships Raymond den Hond said in the release.

PYMNTS research has found that most consumers take advantage of banking portals’ and apps’ convenience and connectivity.

These new ways of banking, shopping and paying have become an accepted part of daily life, and consumers have developed a high degree of comfort and familiarity with them — to the extent that 80% of the users of third-party financial apps link their bank accounts to those apps — according to “Convenience+Security: Key Consumer Findings On Third-Party Financial Aggregation,” a PYMNTS and MX collaboration.

Rotabi said in the press release: “More than ever, FinTechs and verticalized payments companies are looking for innovative solutions that automate and simplify money movement, from unlocking instant and risk-mitigated on and off ramps, to optimizing the consumer experience through instant availability of funds and payouts.”