To Drive the Open Finance Economy, MX Announces New Product Innovation | The Economy Digest

To Drive the Open Finance Economy, MX Announces New Product Innovation

To Drive the Open Finance Economy, MX Announces New Product Innovation

MX, a leader in Open Finance, today announced record-setting gains in financial data connectivity and the general availability of new product innovation and new implementation partners that bolster the MX platform. MX helps the world’s top financial institutions and fintech access and act on financial data to build 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 includes:
  • In the past 12 months, MX has made significant upgrades to its already industry-leading infrastructure for financial account linking with:
  • Increasing Instant Account Verification (IAV) coverage by more than 300% year over year from 2021 to 2022

Signing MX’s first data-sharing access agreement in Canada for CIBC’s 11 million clients

Establishing a data-sharing agreement with Fiserv, becoming the first company to access tokenized consumer data via AllData® Connect from Fiserv

MX introduced a new Spending Plan budgeting tool that helps consumers spend less than they earn, align spending to their financial goals, and plan for significant life changes. The Spending Plan budgeting tool is part of MXinsights, which is built to enable financial services companies to help their users make better financial decisions and improve their financial health. The company also launched new insights that protect users against unexpected expenses, help them control spending, and save money.

As part of a developer-first approach, MX has introduced a new Mobile Banking Software Development Kit (SDK) that takes the company’s 5-star MXmobile app functionality and allows developers to implement a full mobile banking app independently, on top of the MX platform API. In addition, MX announced 5 new developer partners: Turabian, DataHouse, Present, Tailwind, and 10Pearls.

“Financial data is the lifeblood of a connected economy. Our vision is to make data accessible and actionable for all,” said Brett Allred, Chief Innovation Officer at MX. “These new product features and partnerships help build the open finance ecosystem and empower the world to be financially strong.”

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