This partnership will leverage MX’s secure interoperable API platform to directly connect through Jack Henry’s secure API connections, expanding Jack Henry’s efforts to replace inbound screen scraping on its Banno Digital Banking Platform.
According to the official press release, Jack Henry aims to make it easier for consumers to connect their financial accounts securely and reliably without the need to share their usernames and passwords by creating direct API connections with clients. This approach allows financial institutions to better analyse, manage, and maintain data-sharing connections while reducing risk and keeping consumer data safe.
As per Jack Henry's official statement, the industry faces the need to improve its money-delivery experiences that keep consumer data safe. Therefore, by adopting API connections, financial institutions can better detect and mitigate fraud while providing a more seamless experience to consumers.
Furthermore, the press release shows that API connections not only can provide security, but also create better privacy and transparency for the almost 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 permission for data sharing.
Commenting on the announcement, MX said that consumers should be able to connect their accounts for a complete view of their financial lives. Moreover, they have an average of five to seven relationships with various financial providers, and without a clear and comprehensive picture of their finances, they’re left making decisions based on pieced-together information. Therefore, MX is looking forward to this partnership with Jack Henry to promote direct API connections, helping consumers have full control of their financial data and driving industry adoption of Open Finance forward.
Jack Henry is a fintech company that strengthens connections between financial institutions and the people and businesses they serve based on user-centricity. For more than 47 years, the company has provided technology solutions to help clients grow faster, differentiate, and compete in the market. Currently, Jack Henry works with approximately 7.500 clients, looking to expand its services.
At the end of January 2024, Jack Henry launched the Banno Business solution to help institutions modernise their banking experiences and to help community and regional financial institutions provide contemporary banking experiences for small-to-medium businesses (SMBs). Earlier, in October 2023, the fintech launched a cloud-native fraud and anti-money laundering (AML) solution designed with real-time capabilities to help FIs combat financial crime.
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