bankingciooutlook

MX Launches Open Finance Platform to Power the Future of Money Experience

By: Banking CIO Outlook | Thursday, September 10, 2020

SILICON SLOPES, UT – MX, the leader in money experience, today announced the launch of MX Open, an open finance platform built to help financial institutions and fintechs create more personalized digital experiences that give their customers greater access and control over their financial data. Built on the industry’s most robust and capable connectivity network, MX Open gives financial institutions and fintechs the freedom and flexibility to reduce costly and burdensome vendor lock-in while securely connecting to the company’s more than 50,000 connections.

“MX Open was built with the belief that secure, reliable connectivity should be open to everyone — every bank, every credit union, every organization,” said Brett Allred, Chief Product Officer, MX. "MX Open gives organizations the tools they need to define and launch their open finance strategy and innovate faster with the vendors and technology providers that will serve their customers best.”

Open-source software solutions give financial institutions increased control over their digital roadmap to innovate faster and deliver the right products to the right customers in the moment that matters most. In June, MX launched the Easy SBA Portal to help financial institutions streamline the PPP loan application process, granting banks and credit unions an open-source, royalty-free license. In a few short weeks, the open-source solution serviced over $5 billion in PPP funds, representing tens of thousands of jobs saved and critical financial support for small businesses.

MX Open includes the following solutions:

• MX Portal is an open-source, open-standard solution that enables financial institutions to transform their open finance strategy through customer-permissioned data sharing. With Portal, financial institutions can give their customers visibility and control over which apps and institutions access their data — enabling customers to grant, manage, and revoke access at any time. Portal is built on the latest FDX 4.1 specifications with security built-in from the beginning, ensuring financial institutions can help protect their customers’ financial data. To learn more, please visit: www.mx.com/portal

• MX Platform API provides access to the suite of MX products and services to launch and power new digital experiences. Using the MX Platform API, financial institutions and fintechs can connect their customers to their financial data while maintaining critical control and protecting their brand. To learn more, please visit: www.mx.com/platformapi

• MX Path is a simpler, faster, and more secure way for financial institutions and fintechs to connect new services, apps, cores and systems. Path is a data connectivity API that empowers organizations to move beyond the constraints of legacy systems that slow down innovation with costly upgrades and inflexible contracts. To learn more, please visit: www.mx.com/products/path

The adoption of open finance and secure data sharing has been slow in the U.S. and in many countries throughout the world. MX Open provides an innovative solution to improve connectivity, accelerate innovation and address multiple challenges facing financial institutions.

“MX has been collaborating across the industry to accelerate the end of credential-based data sharing while advocating for a more secure, token-based approach,” said Jane Barratt, Chief Advocacy Officer at MX. “With MX Open - and all MX solutions - financial institutions manage and store their customer data and MX integrates into their existing systems and security protocols.”

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