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March 7, 2023 | 0 min read
Zūm Rails and MX strategic partnership enables faster money movement and seamless end-to-end payment solution for fintechs and financial institutions in Canada
LEHI, Utah and TORONTO, Canada — March 07, 2023 – Zūm Rails, an industry leader in data-powered, instant payment solutions, is partnering with MX, an industry leader in Open Finance, to power more seamless payments and money movement for customers of financial institutions and fintechs in Canada. Instant payment solutions from Zūm Rails and MX’s instant account verification (IAV) capabilities will work together to enable instant payments, including electronic funds transfers (EFT).
“The MX and Zūm Rails strategic partnership will enable open banking capabilities before open banking is available in Canada. Now MX clients can benefit from all of MX’s functionality in addition to real-time money movement all in a single workflow, creating the ultimate end-to-end customer experience,” says Miles Schwartz, co-founder of Zūm Rails.
By leveraging MX’s proven Processor Tokens, financial providers can eliminate the need to store sensitive user data and make it easier to access data needed for verifications. With the integration to Zūm Rails, this data can be leveraged in a single step to process a payment through their preferred payment rail, including EFT, Interac, Visa Direct, and Credit Card.
This open banking approach streamlines the onboarding process and mitigates fraud risk for companies while also improving the money experience for end consumers who want better access to their financial data in a single view and the ability to transfer and use funds quickly.
"Designing for the end-user experience is critical, now more than ever. By partnering with Zūm, we're able to empower banks and credit unions in Canada to deliver a seamless customer experience across every step of their payments journey," said Brett Allred, Chief Commercial Officer, Fintech, at MX.
To learn more about how to become an MX partner, please contact partnerships@mx.com.
About Zūm Rails
Zūm Rails all-in-one payments gateway allows our clients to seamlessly utilize the payment rails that best fits their needs in the fastest, safest and most efficient way possible. Zūm Rails supports the entire payments journey, from the customer onboarding process, to providing advanced KYC tools, moving funds in real-time with fraud prevention and account validation, as well as managing payment operations and simplifying the reconciliation process – all from a single API. To learn more about Zūm Rails and our payment solutions, visit our website at zumrails.com
About MX
MX Technologies, Inc., a leader in Open Finance, 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 13,000 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 and LinkedIn @MX or visit www.mx.com.
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