2022 Innovation Awards honors MXaccess

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.