MX introduced a new Spending Plan budgeting tool that helps consumers spend less than they earn, align spending to their financial goals, and plan for significant life changes. The Spending Plan budgeting tool is part of MXinsights, which is built to enable financial services companies to help their users make better financial decisions and improve their financial health. The company also launched new insights that protect users against unexpected expenses, help them control spending, and save money.
As part of a developer-first approach, MX has also introduced a new Mobile Banking Software Development Kit (SDK) that takes the company’s MXmobile app functionality and allows developers to implement a full mobile banking app independently, on top of the MX platform API. In addition, MX announced five new developer partners: Trabian, DataHouse, Praxent, Tailwind, and 10Pearls.
As mentioned by the officials, financial data is the lifeblood of a connected economy. These new product features and partnerships aims to build the Open Finance ecosystem and empower the world to be financially strong.
In 2022, MX has partnered a lot of different companies, with the most recent one being the US-based payments platform Dwolla. This collaboration on a tokenized offering provides Dwolla’s clients and reseller partners a flexible way for them to access account verification services using MXapi Processor Tokens. MXapi Processor Tokens facilitate secure exchanges with mutual partners without the risk of using sensitive data or the need for third parties in money movement.
In early September 2022 MX has also signed a reseller agreement with MeridianLink to integrate the former’s Instant Account Verification (IAV) into MeridianLink Opening. The solution allows consumers to open and fund new deposit accounts quickly. By integrating with MX, consumers can use fast verification technologies to 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.
Open Finance levels the playing field, allowing all entities to participate in the ecosystem that will either make better, less risky customers, and attract more lenders and deposits. Banks see an increased need to improve their digital services as well as increasing their speed towards innovation, resulting in pressure to digitise.
Combining best-of-breed API services that fintechs and insurtechs are able to offer and deliver allow banks and financial institutions to deliver these additional digital services in very short ‘go-to-market’ time frames which can lead to rapid growth and increased revenues. In turn, a shift takes place- financial services providers change from providing end to end ‘solutions’ and become providers of customer centric financial services. In fact, insurance companies are likely to benefit the most since they will have more access to data resulting in more informed underwriting decisions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now