MX and MeridianLink offer instant verification when opening an account

Monday 5 September 2022 10:38 CET | News

US-based financial data platform MX has signed a reseller agreement with MeridianLink to integrate the former’s Instant Account Verification (IAV) into MeridianLink Opening.


MeridianLink Opening allows consumers to open and fund new deposit accounts quickly. By integrating with MX, consumers can leverage fast verification technologies to instantly provide the information they need to verify and connect their external financial accounts, which ensures a more seamless user experience, mitigates fraud and risk, and increases conversion.

According to MeridianLink’s representatives, by integrating its MX’s IAV solution into MeridianLink Opening, the consumers served by their FI clients can quickly verify their account information to fund new deposit accounts, which will reduce drop-offs during the onboarding process and ultimately help the bottom line of the institution.

MX and MeridianLink offer instant verification when opening an account


Benefits of the MX and MeridianLink integration

Some of the perks resulting from this partnership are:

  • It eliminates reliance on microdeposits to verify an account and instantly checks account balances before a payment is processed;

  • Simplifies onboarding by giving consumers a way to verify information to fund new accounts. MX uses optimal verification methods (often via tokenized OAuth connections) to facilitate consumers to securely connect with external financial accounts;

  • Increases onboarding completions and reduces the number of drop-offs during the process, improving the bottom line for financial institutions;

  • Reduces the number of fraudulent applications approved by instantly verifying information before opening and funding a new account.

More information about MeridianLink

MeridianLink is a provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. Headquartered in the US, MeridianLink provides services to more than 1,900 customers.

More details on MX

Open Finance company MX Technologies makes data accessible and actionable for everyone. MX is building one of the largest open finance ecosystems to help drive innovation and improve experiences through secure and reliable access to financial data. It combines trusted Open Finance APIs with augmented financial data to quickly and securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting.

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Keywords: partnership, digital verification, KYC, digital onboarding, fraud prevention
Categories: Fraud & Financial Crime
Companies: MeridianLink, MX
Countries: World
This article is part of category

Fraud & Financial Crime