Sionic, MX Partner Team on Consumer Bank Payments

Consumer-to-business (C2B) payments firm Sionic on Wednesday (July 27) announced a partnership with open finance platform MX that will help to link consumer bank accounts and enable Sionic’s Pay-by-Bank services across the U.S., according to a joint press release.

Sionic has integrated MX’s Instant Account Verification (IAV) and Account Aggregation offerings into its microsite and mobile software development kit (SDK), moves that allow consumers to connect their checking accounts within a ULink profile, the press release said.

ULink brings real-time direct deposits to the point of sale (POS) through digital tokens that represent the consumers’ bank account numbers, according to the release.

“After researching a variety of companies’ offerings, MX was the clear winner,” said Justin Turner, director of product for Sionic, in the joint press release. “The overall feature set, ease of implementation, and its ability to support our pace of development really set MX apart. Additionally, the MX Connect widget verifies consumer bank account information, reducing fraud without causing friction for our users.”

Sionic recently launched what it called the industry’s first real-time payments service, which allows bank-to-bank deposits at the point of sale, according to the joint press release. The offering enables merchants to receive funds immediately, cutting the average cost of card swipe fees by 2%.

Related: Sionic Debuts Free CODE Pay Local Merchant Mobile App

Earlier this month, Sionic introduced CODE Pay, a mobile app for local merchants to accept bank-to-bank cash deposits in real time from customers at the POS.

Sionic is also offering local merchants a bundled service to process both bank and card payments with consolidated, instant reporting and analytics all from their mobile device that utilize CODE Pay.