CIBC Selects Fintech MX to Improve Financial Tools, Apps

CIBC (TSX: CM) (NYSE: CM) recently entered a data access agreement with MX in order to improve the CIBC client experience via secure data sharing, offering customers a safe and intuitive way to share their financial details.

The partnership with MX is indicative of CIBC’s ongoing commitment to innovation and should support modern, all-digital user experiences.

Leveraging the MX platform should ensure simplicity for customers of CBIC when is comes to accessing a 360′ degree view of their finances and it should also assist with bringing account data together from different financial services providers.

The view is to provide CIBC clients more control over their finances with an easy-to-use set of tools at their fingertips, supported through APIs.

This collaboration comes at a timely moment against a backdrop of potential developments still to be unveiled around a new Open Banking framework for the Canadian financial services sector.

Chris Sweetland, Senior Vice-President, Payments Strategy & Transformation, CIBC stated:

“Our clients are increasingly managing their banking and finances via digital channels and tools, and we’re committed to supporting them with secure and convenient experiences,”

Jane Barratt, Chief Advocacy Officer, MX remarked:

“We’re pleased to announce today’s agreement, which represents an expansion of our work to build meaningful experiences for CIBC clients. This agreement will result in more direct API connections, which provides millions of Canadians greater control of their financial data to decide who they share their data with and for what purposes, which benefits both clients and financial institutions.”

As covered last month, Open Banking (or Open Finance) provider MX has appointed former PayPal executive Jim Magats as its new CEO, effective August 17, 2022. Magats will also join the MX Board of Directors.

Ryan Caldwell, founder and Executive Chairman of the Board of Directors, MX, issued the statement on the appointment:

“Jim Magats brings a wealth of experience and knowledge about how to deliver high-impact financial solutions and products for consumers, merchants, and financial organizations, along with a vast network of partners and customers at the world’s leading financial institutions and fintechs. We have tremendous confidence in Jim’s ability to lead the organization through the next phase of our growth in establishing our leadership in the open finance economy, helping organizations of all sizes access and act on financial data to improve customer outcomes and grow their businesses.”

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