U.S.-based money experience company MX announced on Wednesday it has launched MX Open, an open finance platform that was created to help financial institutions and fintechs create a personalized digital experience that gives customer access and control over financial data.
MX Open includes the following solutions:
- MX Portal: An open-source, open-standard solution that enables financial institutions to transform their open finance strategy through customer-permissioned data sharing.
- MX Platform API: Provides access to the suite of MX products and services to launch and power new digital experiences.
- MX Path: A simpler, faster, and more secure way for financial institutions and fintechs to connect new services, apps, cores, and systems.
Brett Allred, Chief Product Officer of MX, spoke about the platform by stating:
“MX Open was built with the belief that secure, reliable connectivity should be open to everyone — every bank, every credit union, every organization. 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.”
Jane Barratt, Chief Advocacy Officer at MX, added:
“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. With MX Open — and all MX solutions — financial institutions manage and store their customer data while integrating MX into their existing systems and security protocols.”
Founded in 2010, MX describes itself as a digital transformation platform for banks, credit unions, fintechs, and partners, built on the belief that transformational growth starts with making data easily accessible and actionable for financial institutions.