AllData Connect is part of Fiserv’s AllData Aggregation platform that provides consumer-permitted access to tokenized financial account and transaction data held by Fiserv’s client banks and credit unions. These Open Banking connections allow payments providers and other financial services players to verify the ownership of checking and other financial accounts, as well as the level of funding in those accounts, through application programming interfaces. The technology generates tokens as stand-ins for usernames and passwords accessed through a common but less secure process called screen scraping, and has attracted a wide range of fintechs and other non-banks looking to facilitate payments.
The Fiserv deal will expand US-based MX’s reach in Open Banking. MX said it connects more than 16,000 financial institutions and fintech providers through its network and serves 85% of digital banking companies. MX claims its platform can reach more than 200 million consumers.
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