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September 21, 2023 | 2 min read
Partnership integrates LoanPro's Loan Management Platform with MX data cleansing, categorization, and classification to deliver next-gen credit and rewards programs
FARMINGTON, Utah and LEHI, Utah, Nov. 29, 2022 -- LoanPro, a modern loan servicing core platform, announced today, a partnership with MX, an open finance leader, to deliver enriched financial data using MX's Data Engine into LoanPro's loan management platform.
By leveraging MX to cleanse, categorize, and classify financial data, LoanPro will enable financial institutions, fintechs, and B2B/B2C lenders to unlock new data-driven insights. These insights help deliver differentiated credit products, personalized line-of-credit programs, next-generation loan repayment, collections, servicing workflows and introduce rewards that are decoupled from interchange in a single platform.
"LoanPro is excited to partner with MX for data enrichment, powering our innovative line-of-credit and card programs supporting both B2B and B2C lending," said Rhett Roberts, CEO of LoanPro. "Our partnership with MX will bring forward the first API powered revolving credit program providing the mechanism to differentiate credit products in a highly personalized way. With the marketplace's ongoing chatter about interchange compression depleting the funding mechanism for reward programs, this new product offers what many are describing as the solution. By innovating at the lending core, we are enabling entirely new personalized lending programs that can grow and scale to the constantly changing needs of B2B and B2C borrowers."
"We see financial data as the key to unlocking so many new opportunities for financial providers and consumers. By partnering with LoanPro to deliver accurately cleansed, categorized, and classified financial data through our MX Data Engine, we're able to help power more personalized solutions across the loan lifecycle," said Corinne Bartow, Vice President of Fintech Partnerships at MX.
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.
LoanPro powers financial innovation by giving Financial Institutions, Business-to-Business and Business-to-Consumer lenders the tech they need to bring their lending ideas to life. LoanPro is built on its own API. This open architecture makes it simple to integrate into existing software and unlocks powerful pre-built integrations to modernize loan lifecycles, collections, and servicing in a single platform. To learn more, connect via email at firstname.lastname@example.org or visit us at loanpro.io.
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