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March 11, 2022 | 20min read
New partnership provides members with a more secure and convenient way to permission and share financial information using API token-based technology
LEHI, Utah – March 11, 2022 – MX, the financial data platform and leader in modern connectivity, today announced a new data access partnership with UW Credit Union, serving University of Wisconsin communities and the first credit union in the U.S. 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.
“Partnering with leading financial institutions like UW Credit Union to implement open banking APIs gives people greater access and control of their financial data,” said Jane Barratt, Chief Advocacy Officer at MX. “UW Credit Union members will now be able to securely connect with their favorite apps and services in a more secure, convenient and reliable way, using API-token based technology and removing the need for customers to share their login IDs and passwords.”
As key members of the Financial Data Exchange (FDX), a nonprofit organization 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 committed to leading the charge for open standards and secure access to financial information.
“We are excited to launch our FDX implementation in partnership with MX,” said Eric Bangerter, VP of Digital Technology at UW Credit Union. “Security and convenience are sometimes opposing concepts—and we don’t think they have to be. Our FDX implementation will allow our members to easily access fintechs and other financial technology products while keeping their passwords private and under their control. We are glad to be members of the Financial Data Exchange organization and to continue to be industry leaders in digital security.”
MX, the financial data platform and leader in modern connectivity, 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 UW Credit Union
For over 90 years, UW Credit Union has been dedicated to providing best-in-class service to our members. That means implementing cutting-edge technology as a sustainable commitment to delivering more value to members.
UW Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to University of Wisconsin communities. UW Credit Union's more than 800 employees serve the financial needs of more than 300,000 members through world-class technology systems, and through a convenient network of 29 branch locations and over 100 ATMs. With assets exceeding $4.8 billion, UW Credit Union is ranked nationally among the leading credit unions. Founded 90 years ago by members of the University of Wisconsin faculty and staff, UW Credit Union continues to operate as a not-for-profit, member-owned financial cooperative with locations in the Madison, Milwaukee, Stevens Point, Green Bay, Oshkosh, Whitewater and La Crosse areas.