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TORONTO, AUGUST 8, 2022 – Today CIBC (TSX: CM) (NYSE: CM) announced a data access agreement with MX to enhance the CIBC client experience through secure data sharing, providing clients with a safe and seamless way to share their financial information. By using application program interface (API) technology, CIBC’s 11 million clients will no longer need to share their banking login ID and password to connect their banking information with third-party fintech applications that partner with MX, such as personal financial management, budget tracking, and credit-building tools. This collaboration with MX reflects CIBC’s commitment to innovation and will enable modern, digital client experiences.
Some CIBC clients use third-party applications to help them take a complete view of their finances and can help with budgeting and planning, but bringing account data together from multiple financial services providers for review isn’t always easy. This agreement with MX will provide a simple and secure way for clients to access the financial information they need, giving them greater control over their finances.
“Our clients are increasingly managing their banking and finances via digital channels and tools, and we’re committed to supporting them with secure and convenient experiences,” said Chris Sweetland, Senior Vice-President, Payments Strategy & Transformation, CIBC. “By providing clients with the ability to securely and reliably share their financial data with the tools and apps they prefer, CIBC is supporting them to make more informed decisions about their finances, so they can achieve their ambitions.”
As members of FDX, a nonprofit organization dedicated to uniting the financial industry around a common, flexible, interoperable standard for the secure access of user-permissioned financial data, CIBC and MX are committed to building safe and secure access to financial information that supports and empowers clients.
“We’re pleased to announce today’s agreement, which represents an expansion of our work to build meaningful experiences for CIBC clients,” said Jane Barratt, Chief Advocacy Officer, MX. “This agreement will result in more direct API connections, which provides millions of Canadians greater control of their financial data to decide who they share their data with and for what purposes, which benefits both clients and financial institutions.”
This agreement with MX demonstrates CIBC’s continued investment in digital banking capabilities and seamless client experiences through partnerships and new technologies, to meet the needs of clients today, and in the future.
CIBC recently received the highest rank in overall customer satisfaction for online banking among Canada's Big Five banks, according to the J.D. Power 2022 Canada Online Banking Satisfaction Study. CIBC clients have access to a number of digital tools and features to support their everyday online banking experiences, including:
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
MX Technologies, Inc., a leader in Open Finance, makes data accessible and actionable for everyone. MX is building the largest open finance ecosystem to help drive innovation and improve experiences through secure and reliable access to financial data. MX combines trusted open finance APIs with enhanced financial data to quickly and securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting. To learn more, follow us on Twitter @MX or visit www.mx.com.
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