How MX’s Data Access Can Help Financial Providers Implement Open Banking
Over the past decade, Open Banking has been building within the financial industry and has become integral to the financial lives of millions of U.S. consumers. Through market driven innovations and consumer demand, Open Banking has grown to a place where it can deliver on the promise of creating better financial experiences for consumers.
Financial institutions, fintechs, and other data providers and recipients need to look ahead for ways to implement Open Banking. Open Banking is not going to lose momentum. Every day more and more consumers connect accounts and share their data. Whether you have begun implementing Open Banking or are still on the outside, planning for the future means thinking about how to maximize your Institution's open banking strategies. And, MX is here to help.
How MX’s Data Access Supports Open Finance Standards
At MX, our solutions and products are built with consumer-permissioned data sharing at the forefront. And, we make it easy for financial institutions of all sizes to accelerate open finance adoption and enhance the money experience for consumers through our Data Access product.
MX’s Data Access platform enables institutions to deliver a safe and secure connectivity experience for their customers, while leveraging consumer-permissioned data to drive better outcomes for institutions and consumers alike.
1. API Connectivity
Data Access enables financial institutions to more easily create or evolve their Open Banking APIs to ensure they meet FDX standards, deliver the required data elements, and follow authentication protocols, such as OAuth and OIDC. In addition, Data Access simplifies the process of transitioning intermediaries to APIs by standardizing templates, creating API documentation, and onboarding workflows.
2. Eliminating Screen Scraping
MX’s Data Access is interoperable across all intermediaries, enabling financial providers to accelerate their path to eliminate screen scraping from their environment. In addition, the Data Access platform creates better visibility into the open finance journey by providing real-time performance metrics, insights into data sharing activity, and support tools to easily manage and maintain connections.
MX’s Data Access platform creates better visibility into the open finance journey by providing real-time performance metrics, insights into data sharing activity, and support tools to easily manage and maintain connections.
3. Providing Covered Data
The API Overview and Test Users feature within Data Access takes the guesswork out of understanding what data needs to be included in Open Banking APIs. Financial providers can access — per use case and account type — which data fields are required and under what conditions. And with our Test Users feature, data providers and data recipients can test the APIs before they go live to ensure that all required data is there.
4. Consent Management
Financial providers can easily embed Data Access’ Consent Management Dashboard into their mobile and online banking portals so that consumers can see and manage where they have shared their financial data with a third party. Consumers can view when their data was last updated or revoke data sharing access with a third party.
Let us help you get started with maximizing the opportunities within your open banking journey.
Let us help you get started with making sense of expected obligations — and opportunities — within your open banking journey. Talk to our experts today.