American Express (NYSE: AXP) announced an API-powered data access agreement with MX Technologies, Inc. that will provide new digital banking options for customers without compromising their account security.
American Express customers will now be able to better manage their personal finances and business expenses via secure connections of their American Express accounts with third-party FIs and fintech apps via MX.
Integrating the third-party financial applications available through MX with American Express’s Account Financials API offers customers increased transparency as well as more “control over where and how their American Express account data is permissioned and shared.”
The integration allows the customer to leverage American Expresses’ secure authentication procedures while eliminating the need for “credential sharing, improving data accuracy and reliability, and accelerating financial data access.”
Danielle Cloud, Senior Vice President, Enterprise Data Governance & Platforms, American Express said that this agreement underscores American Express’ investment to ‘providing more secure and seamless digital experiences for an increasingly digital customer base,”
They added that with MX’s integration into their API, they’re empowering consumers and small business owners to “better manage their financial lives without compromising the security and transparency they expect from American Express.”
American Express’ Account Financials API allows customers to share their financial data, while also ‘maintaining the privacy of their user credentials.”
The benefits to American Express customers include:
- Security – Supported by the OAuth2 protocol, the Amex Account Financials API provides customers with control over where and how their financial information is being accessed and shared.
- Reliability – Customer-directed account information is shared in real time.
- Control and Transparency – Customers can clearly understand and manage their connections to financial service provider apps and have better visibility into where their data is going and what data is being shared.
- Seamless Sign-on – Connections are more stable with fewer disruptions, and may last for longer periods, enabling easier sign-on.
Jane Barratt, Chief Advocacy Officer and Head of Global Public Policy, MX said that they’ve continually been on the forefront of helping financial institutions and fintechs provide ways for consumers to “securely access, share, and manage their data to improve their financial outcomes.”
American Express is an integrated payments company, providing customers with access to products, insights and experiences “that enrich lives and build business success.”
As covered, MX Technologies, Inc. is a key player focused on actionable intelligence, enabling financial providers and consumers to do “more with financial data.”
MX provides solutions for financial institutions and fintechs to “connect to, understand, and act on customers’ financial data.”
