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April 20, 2021 | 0 min read
MX and Moov Financial partner to support the needs of a broader spectrum of the fintech marketplace — offering a combined solution for instant account verification (IAV) and money movement
UPDATE: January 26, 2022: See today's blog post by Moov: "Just launched: Dashboard metrics, transfer webhooks, and MX integration"
SILICON SLOPES, UT and NEW YORK, NY – April 20, 2021 – MX, the leader in modern connectivity and data enhancement for financial institutions, fintechs and organizations everywhere, today announced it is partnering with Moov Financial, the developer-first payments platform, to provide instant account verification (IAV) and money movement to fintechs and companies of all sizes. Moov’s technology allows platforms, marketplaces, and software companies to quickly embed payment functionality into their software to accept, store, and disburse money seamlessly. Moov and MX’s offering includes an attractive pricing model for startup fintechs and SaaS companies looking for a complete turnkey solution.
The combined solution between MX and Moov provides faster, more secure and reliable IAV, resulting in an improved money experience for customers who are adding banking and payment functionality to their solutions, especially those trying to modernize their technology or switch over from legacy products. Moov has quickly grown to address one of the significant remaining hurdles for fintechs and their unique use cases — complete optionality and control over the API without having to worry about security, risk, or compliance.
“Whether you think of yourself as a fintech or not, every modern company is seeking a way to automate its process to accept, store, and disburse money,” said Wade Arnold, CEO of Moov. “Developers want the best user experience possible for their application. MX’s ability to provide fast IAV makes the payment experience swift and more seamless than it would have been without the joint solution.”
“Moov is transforming the way fintechs enable account verification, money movement, and ACH payments through APIs,” said Brandon Dewitt, Cofounder and CTO of MX. “We align with their mission to help fintechs and organizations focus on building amazing new experiences. Fintechs like Moov are a big reason why a massive digital shift is happening across the banking industry."
MX and Moov’s efforts help organizations automate the Money Experience by connecting accounts at nearly any financial institution in the United States for seamless, low-cost, and low-risk money movement.
“MX’s ability to provide real-time balance inquiry throughout its vast network before a transaction drastically decreases the risk of a failed payment,” said Arnold. “With Moov, MX customers can leverage their existing accounts for payments without requiring users to re-authenticate or enroll, making money movement a simple addition to their experience.”
MX, the leader in modern connectivity and data enhancement for financial institutions and fintechs, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more, follow us on Twitter @MX or visit www.mx.com.
About Moov Financial
Moov makes it easy for developers of platforms, marketplaces, and SaaS companies to accept, store, and disburse money. We remove financial complexity by connecting directly to the payment networks, enabling various payment modalities, working hand-in-hand with regulators, and ensuring bank compliance, so your developers don’t have to. Moov’s investors include Andreessen Horowitz, Bain Capital Ventures, RRE Ventures, Canapi Ventures, Commerce Ventures, Gradient Ventures, and Uncorrelated Ventures. Follow Moov on Twitter @Moov or visit www.moov.io to get early access.