MX offers Instant Account Verification and data cleansing to FuturePay

Wednesday 27 July 2022 11:24 CET | News

US-based financial data platform MX has offered data cleansing and Instant Account Verification (IAV) for FuturePay’s MyTab, a digital credit platform.

MyTab helps online shoppers across the US apply once for a credit line that they can use for a lifetime to make purchases with any merchant in the FuturePay network.

The MyTab solution improves upon traditional credit cards and Buy Now, Pay Later (BNPL) offerings for ecommerce transactions. While MyTab is like BNPL in that it is purpose-built for ecommerce use, delivering instant credit decisioning and financing, it also provides attributes similar to credit cards, such as offering flexible long-term payment options with a ‘tab’ for a credit line of USD 1,000 to USD 5,000 that a shopper can use and reuse for as long as they keep their account in good standing.

FuturePay’s officials explained that since they are providing long-term credit, FuturePay is required to be much more rigorous with customer underwriting than traditional BNPL instalment loan providers, which is why they chose MX. MX can cleanse and categorise their customers’ transaction data, helping verify people based on their consumer behaviour. FuturePay’s need to know their customers financial profile over the long haul is where MX will pay off.

With MX, MyTab merchants can deliver customers a frictionless ecommerce experience and ensure they can accurately confirm their identity and financial information with seamless connections to financial data. FuturePay also plans to leverage MX for additional data insights, such as credit worthiness, to drive more sophisticated credit underwriting for ecommerce merchants and their customers.

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Keywords: identity verification, BNPL, instalment payments, credit scoring, ecommerce, data analytics
Categories: Fraud & Financial Crime
Companies: FuturePay Holdings, MX
Countries: World
This article is part of category

Fraud & Financial Crime

FuturePay Holdings



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