MX Unlocks Access To Open Standards With Financial Data API

MX, a platform for building modern financial solutions, formally announced the launch of Open, a platform for tailored digital, data-driven experiences.

What Happened?

MX is a holistic platform for financial data.

As part of a vision to unlock access to open standards in the financial system, MX introduced its Open Finance APIs, which make it easier for banks and credit unions to connect to other financial institutions using MX’s 50,000+ connections.

Included in MX Open are the following solutions:

• MX Portal: Provides end-users with control over app permissions and sharing.
• MX Platform API: For developing and launching secure, digital experiences.
• MX Path: Connectivity API for low-cost innovation and replacing old systems.

“MX Open was built with the belief that secure, reliable connectivity should be open to everyone,” said Brett Allred, Chief Product Officer, MX.

"With open standards and open-source code, MX Open provides organizations with the APIs they need to define and launch their open finance strategy and innovate faster with the vendors and technology providers that will serve their customers best.”

The development comes after MX launched the Easy SBA Portal to help institutions streamline the PPP application process. Within weeks, the solution service over $5 billion in PPP funds and saved thousands of jobs.

Why It Matters?

Overall, the technology reduces obstacles in innovation.

"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," said Jane Barratt, Chief Advocacy Officer at MX.

"With MX Open — and all MX solutions — financial institutions manage and store their customer data while integrating MX into their existing systems and security protocols."

To learn more about innovation with MX, click here.

Courtesy Photo.