According to the official press release, UW Credit Union is the first credit union in the US to implement two-factor online banking login security – now a federal requirement for all financial institutions. The new partnership enables UW Credit Union members to share their financial information with fintechs and financial services supported by MX using API token-based technology, removing the need for members to share their login IDs and passwords.
As key members of the Financial Data Exchange (FDX), a nonprofit organisation that is dedicated to unifying the financial industry around a common, interoperable, and royalty-free standard for the secure access of user permissioned financial data, MX and UW Credit Union are reportedly committed to lead the charge for open standards and secure access to financial information.
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