MX Simplifies Data Sharing with Secure Processor Tokens

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Jul 19, 2022, 08:58 ET

Moov is first MX payment processor partner to launch tokenized data exchanges for verifications with accelerated onboarding

MXapi Processor Tokens vastly improve, secure and speed up money movement and account opening experiences for consumers

LEHI, Utah, July 19, 2022 /PRNewswire/ -- MX, a leader in Open Finance, today announced the general availability of MXapi Processor Tokens — an innovative way to verify a user's financial account information in a secure, simplified, API-data exchange. MXapi Processor Tokens dramatically increase the speed and experience for account opening and money movement processes between MX clients and their mutual payment processor partners.

With MXapi Processor Tokens, MX clients can go to market faster with payment processor partners and enable secure, simplified sharing of actionable user data by:

Removing the need for MX clients to store sensitive user data
Making it easier for mutual partners to easily access money movement data sets
Providing easy access to the necessary account data needed for identification and Know Your Customer (KYC) initiatives
Giving MX clients greater flexibility to work with multiple partners
Delivering real-time balances that reveal the up-to-the moment status of an account before initiating payments
Enabling deeper fraud analysis by exposing tokenized transaction history.

"In a world where protecting against data breaches and other financial fraud is paramount, processor tokens enable our clients to protect their consumers," said Corinne Bartow, vice president of Fintech Partnerships at MX. "Whether moving money or opening an account, they no longer need to store the user's verified account data or create new connections each time data is necessary to verify information. This is a big deal, especially in the fintech multi-party ecosystem."

"Since my early days at Moov, it was clear that we needed to prioritize and synchronize our technology priorities with the MX platform," said Joel Tosi, CTO of Moov. "Because of MX's thoughtful architecture, we were able to spin up our Processor Token integration in a single sprint cycle, enabling us to further expedite new customer onboarding."

For MX mutual partners, MXapi Processor Tokens improve data accessibility, removing the need to run standalone jobs to gather data. In addition, token-based APIs can provide account ownership data, transaction history, account balance data, and more for the processor to securely move money for the consumer. Secure tokens also make it easy and safe for relevant parties to verify consumer financial data while avoiding the risks of handling and storing sensitive information.

"By providing rich tokenized access to users' financial data, we've reduced a security concern in the ongoing partnerships that MX financial clients build with our mutual partners," Bartow continued.

"MX's partner-first methodology makes co-development of new solutions like the Token Processor integration both easy and powerful," continued Tosi. "I've worked with other open-banking platforms in the past, and the partnership with MX has truly been a force multiplier for Moov's platform business. MX has created a technology offering that further enhances Moov's ability to reduce client registration friction and increase security for our mutual customers. For me, this makes the decision to invest in the MX relationship really easy."

Building on the growth of the MX Partner Network, MXapi Processor Tokens furthers MX's vision to build the open finance economy by delivering industry-leading solutions and services to financial institutions, digital banking platforms, payments solution providers, Banking-as-a-Service (BaaS) providers, identification and KYC platforms, software development firms, and others. MX plans to expand its MXapi Processor Tokens across its greater partner network in the coming months.

MX continues to develop and expand its Partner Program to include additional features and processes that streamline the partner experience and set them up for success.

"Our recent release of a partner portal will continue to grow as MX works with partners to identify ways to streamline the onboarding and management process for referrals and resellers of MX's solutions," said Bartow.

To learn more about how to become an MX partner, please visit www.mx.com/partners or contact the team at [email protected].

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.

About Moov

Moov is the payments platform making it easy to accept, store, and disburse money—all from a single system. Moov is a principal partner with FedLine® Direct Atlanta for ACH, an acquiring Processor directly with the four leading card brands, and has wallet functionality customers can embed directly into their platform. Because Moov handles user onboarding, licensing, program management, and compliance, businesses spend less time learning payments and more time building. Customers can automate workflows and get to market in days with Moov's robust admin portal, API-enabled features, and drop-in web components. Get started at www.moov.io, follow Moov on Twitter @Moov, or join our growing community at www.moov.io/community.

Contact:
Tom Cook
[email protected]

SOURCE MX