October 27, 2021 | 20min read
An open finance API platform, MXaccess accelerates open finance adoption and improves the customer data-sharing experience
Maps Credit Union deploys MXaccess to reduce broken connections and improve the customer data-sharing experience
LEHI, Utah — October 27, 2021 — MX, the financial data platform and leader in modern connectivity, today announced the launch of MXaccess, previously called MX Portal, an open finance API platform for banks, credit unions, digital banks, and digital banking providers. MXaccess improves the data sharing experience for customers by removing friction and frustration due to broken connections caused by screen scraping and providing a transparent, secure, method to share their data. MXaccess helps data providers improve the customer experience and better manage risk by providing visibility into customer data sharing and enabling tokenized access from data providers to data recipients.
“MXaccess has opened up a new world for us. After making several updates to our online member digital experience, Maps Credit Union began getting calls from frustrated customers who didn’t understand why their apps like Venmo, Robinhood, and Acorns couldn’t access their accounts,” said Chris Giles, Chief Experience Officer, Maps Credit Union. “The customers were blaming us when the fault was really with the data aggregator who relied on screen scraping, looking for data in places that it didn’t exist, causing the broken connections. With MXaccess, we were able to improve the customer experience and greatly reduce the number of broken connections.”
MXaccess can be deployed as an on-premise or self-hosted platform for organizations that want more control of their open finance strategy and as a multi-tenant solution for digital banking providers to offer to their network of institutions. Built on Financial Data Exchange (FDX) standards, the platform improves the data-sharing experiences for customers, removing the need for screen scraping and providing tokenized, credential-free access to data. By streamlining the onboarding process for data recipients (typically aggregators, fintechs, and other financial institutions), data providers can view, approve, and even control connection requests to reduce risk, save costs, and manage loads on internal systems.
"MX has been collaborating across the industry to accelerate the end of credential-based data sharing while advocating for a more secure, token-based approach that gives consumers more control over what data they share, and how," said Jane Barratt, Chief Advocacy Officer, MX. "With MXaccess, financial institutions and fintechs can uncover new sources of revenue and begin benefiting from bilateral API-driven models.”
With MXaccess, organizations can benefit from tokenized, secure, and reliable connections when they make updates that are designed to improve the experience. The platform keeps the financial institution at the center of the data-sharing experience for their customers, providing a customer-consent dashboard that gives users visibility and control over where they have shared their data and the ability to modify or revoke access at any time.
For more information, visit: https://www.mx.com/products/mxaccess/
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.