MX Technologies, Inc. announced today that MX and Jack Henry (NASDAQ: JKHY) have agreed to work together to deliver a more seamless and secure data sharing experience for consumers across more than 800 financial institutions.
MX’s secure, interoperable API platform will now “directly connect through Jack Henry’s secure API connections to expand Jack Henry’s efforts to replace inbound screen scraping on its Banno Digital Banking Platform.”
By creating direct API connections with clients, Jack Henry is “making it easier for consumers to connect financial accounts securely and reliably without the need to share usernames and passwords. API connections allow financial institutions to better analyze, manage, and maintain data sharing connections while reducing risk and keeping consumer data safe.”
Ben Metz, Chief Digital and Technology Officer at Jack Henry, said:
“As an industry, we need to raise the bar on delivering money experiences that keep consumer data safe. By moving to API connections, financial institutions can better detect and mitigate fraud while delivering a more seamless experience to consumers.”
API connections are not only more secure but also “enable better privacy and transparency for the nearly 10 million registered users on the Banno Digital Platform.”
With MX’s API connection, consumers can connect to and “share their financial data on their terms with permissioned data sharing.”
Raymond den Hond, Chief Commercial Officer, Partners, at MX, said consumers have, on average, a relationship with five to seven financial services firms, and they are making decisions based on fragmented information. He believes the industry can do better.
As noted in the update, Jack Henry (Nasdaq: JKHY) is “a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve.”
They are an S&P 500 company “that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs.”
For more than 47 years, Jack Henry has “provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders.”
They empower approximately 7,500 clients “with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health.”
