MX, a leader in open finance, today announced record-breaking increases in financial data connectivity and the general availability of new product innovations and new implementation partners that strengthen the MX platform.
MX helps the world’s leading financial institutions and fintechs access and act on financial data to create 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 contains:
Record-breaking advances in financial data connectivity
Over the past 12 months, MX has significantly enhanced its already industry-leading financial account linking infrastructure with:
● Increase Instant Account Verification (IAV) coverage by more than 300% year over year from 2021 to 2022
● Signed MX’s first data sharing access agreement in Canada for CIBC’s 11 million customers
● Achieved a data-sharing agreement with Fiserv to become the first company to access tokenized consumer data through Fiserv’s AllData® Connect
New data-driven insights and budgeting tools
MX has introduced a new Spending Plan budgeting tool to help consumers spend less than they earn, align spending with their financial goals, and plan for meaningful life changes. The Spending Plan budgeting tool is part of MXinsights, designed to enable financial services companies to help their users make better financial decisions and improve their financial health. The company also introduced new insights that protect users from unexpected expenses, help them control expenses 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 leverages the 5-star functionality of the company’s MX mobile app and allows developers to build a complete mobile banking app independently API to implement on the MX platform. In addition, MX announced 5 new developer partners: Trabian, DataHouse, Praxent, Tailwind and 10Pearls.
“Financial data is the lifeblood of a networked economy. Our vision is to make data accessible and usable for everyone,” said Brett Allred, Chief Innovation Officer at MX. “These new product features and partnerships will help build the open finance ecosystem and empower the world to be financially strong.”