Open Finance: Fiserv and MX to Support Consumer Financial Data Access

Fiserv, Inc. (NASDAQ: FISV), an international provider of payments and financial services technology solutions, and MX, a financial data platform provider and a key player in modern connectivity, are accelerating the future of open finance “through secure, reliable consumer financial data sharing.”

MX is reportedly the first firm to “access tokenized consumer data via AllData® Connect from Fiserv, to better enable a more secure way for consumers to share their financial data with their favorite apps or services.”

Justin Jackson, Head of Product for Digital Payments at Fiserv, stated:

“Consumers are increasingly using third-party apps to manage their finances, improve their financial literacy, receive access to deals and insights, and more. Direct connections that enable access to tokenized consumer data eliminate the need for consumers to share usernames and passwords with third parties and create a more secure way for them to manage their daily financial lives.”

AllData Connect, part of the AllData Aggregation product suite, offers Fiserv client financial institutions with “a secure portal through which consumers can agree to share their financial data with third-party apps.”

As mentioned in the update, AllData Connect “issues an identifying token in place of the consumer’s username and password, and the third party is then able to provide that token to the financial institution to access the consumer’s data.”

This method of sharing data improves “both consumer data access and security, important considerations in advancing the future of open financial ecosystems.”

Don Parker, EVP of Partnerships at MX, said:

“Consumers expect to be able to access their financial data when and how they see fit, while financial institutions seek insights into which third parties their customers are accessing. Direct connections to financial information via modern APIs make this possible without compromising security. Jointly, we are committed to building a more connected, frictionless, and secure financial ecosystem which will deliver the interactions customers seek.”

In a world moving faster than ever before, Fiserv continues “to help clients deliver solutions in step with the way people live and work today.”

Fiserv, Inc. aspires “to move money and information in a way that moves the world.”

As a global leader in payments and financial technology, the company helps clients “achieve [solid] results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud- based point-of-sale and business management platform.”

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