Utah Business: 2022 Innovation Awards honors MXaccess

Utah Business
Meet the winners of the 2022 Utah Business Innovation Awards
By Mekenna Malan
June 30, 2022

In partnership with Stoel Rives, the Innovation Awards pay tribute to the innovative spirit permeating Utah companies and the talented people working to alleviate complex problems with elegant solutions. Nominees in the program are evaluated by leaders within Utah’s business and academic communities, who vote to select the finalists and award winners. The result is a cohort of awe-inspiring innovations that impact a broad spectrum of markets and industries. Below are the 2022 Innovation Awards winners, finalists, and honorable mentions.

Fintech

Runner-up: MX
LinkedIn

What is your innovation?

In late 2021, MX launched MXaccess, an open-finance application programming interface (API) platform for banks, credit unions, digital banks, and digital banking providers.

What challenge or need does this innovation solve?

For decades, people have wanted the ability to see all their finances in one place online. This process, known as financial account aggregation, started in the mid-1990s. The bulk of external financial account connections today occur via screen-scraping or the process of gathering financial data from one app by inputting user credentials (such as username and password) and displaying that data in another app. However, the process of screen scraping also carries a range of shortcomings, especially when the connections aren’t whitelisted. Screen-scraped connections intermittently break, and they carry an element of risk as consumers share their credentials, which potentially increases risk across the ecosystem, compromises privacy, and poses security threats for fintech companies, financial institutions, and consumers alike. 

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