Software-as-a-service (SaaS) company MX has launched an open finance platform to help financial institutions and fintechs create a personalised digital financial experience for their customers.
Dubbed MX Open, the platform offers customers improved access and control over their financial data.
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It is being claimed that the new open finance platform will reduce vendor management costs for financial institutions while connecting to over 50,000 connections.
The MX Open platform includes MX Portal, MX Platform API, and MX Path solutions.
MX Portal is an open-source solution that allows fintechs to use customer-permitted data to transform their open finance strategy.
The MX Platform API provides access to a suite of digital financial services of MX, while the MX Path solution allows financial institutions to connect new services, apps, cores, and systems.
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By GlobalDataMX CPO Brett Allred said: “MX Open was built with the belief that secure, reliable connectivity should be open to everyone — every bank, every credit union, and every organization.
“MX Open gives organizations the tools 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.”
MX chief advocacy officer Jane Barratt said: “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.”
