MX Delivers Free Data Access Solution to Help Financial Institutions Provide Tokenized API Connections and Unlock Customer Insights

Enhanced data access platform provides secure consumer-authorized data sharing while delivering actionable insights to data providers to better serve customers

LEHI, Utah, May 10, 2023 /PRNewswire/ -- MX, an industry leader in Open Finance, today announced that Data Access, formerly MXaccess, is now available for free to financial institutions and data providers. Data Access enables financial institutions and other data providers to help consumers connect to all the financial providers they use to manage their money, including banks, credit unions, payment providers, and fintech apps. Data Access provides the tools organizations need to monitor and manage data recipients, while giving consumers greater control over their data.

"Today, we're making it easier than ever for financial institutions of all sizes to enhance the money experience for their customers and accelerate the open finance economy by offering Data Access as a free solution," said Nandita Gupta, Chief Product Officer at MX. "MX has always been an advocate for consumer-permissioned data sharing and leveraging Open Finance to enable consumers to share their data on their terms. With Data Access, our goal is to help move the industry forward to a more secure, reliable way to share financial data."

With Data Access, financial institutions and other data providers can:

• Mitigate fraud and risk with credential-free, tokenized API data sharing that eliminates the need for consumers to share usernames and passwords.
• Empower their end users to manage and control their financial data on their terms, including a consent dashboard that allows them to easily revoke access to consented third parties at any time.
• Gain valuable insights into areas of growth and market trends based on consumer-authorized data sharing within an organization's system.
• See a consolidated view and drill-down reports that show connection stability, requests, and health, as well as detailed data connections, apps, and categories.
• Monitor active and pending connections to identify trusted data recipients with whitelisted IP addresses.
• Reduce infrastructure and operational costs by quickly onboarding third parties with a self-service portal and built-in tools and templates.
• Accelerate the adoption of data sharing practices by months, if not years, by reducing time and resources needed to implement and maintain new connections.

MX's Data Access is an interoperable FDX API platform that works with all data intermediaries and provisions access on behalf of the customer from data providers to data recipients. MX Data Access gives organizations all the tools necessary to analyze, manage, and maintain data sharing connections. To learn more, visit www.mx.com/product-forums/data-access.

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.

Contact: 
Tom Cook
[email protected]

SOURCE MX