Combined solutions accelerate rollout of real-time, digital cash direct deposits for merchants.
Sionic, a leader in digital payments delivering instant bank-to-bank transfers from consumers to merchants, announced it has entered a multi-year agreement with MX, a leader in open finance, to simply and safely link consumer bank accounts to enable Sionic’s Pay-by-Bank services in the U.S.
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Sionic has embedded MX’s Instant Account Verification (IAV) and Account Aggregation services into its consumer microsite and mobile software development kit (SDK), enabling consumers to link their checking accounts within a ULink™ profile. ULink, built with Visa, adds another layer of security by bringing real-time direct deposits to the point of sale (POS) through secure digital tokens that represent the consumers’ bank account numbers.
“After researching a variety of companies’ offerings, MX was the clear winner,” said Justin Turner, director of product for Sionic. “The overall feature set, ease of implementation, and its ability to support our pace of development really set MX apart. Additionally, the MX Connect widget verifies consumer bank account information, reducing fraud without causing friction for our users.”
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“We are excited to join forces with Sionic to accelerate its market-first Pay-by-Bank service,” said Courtney Kim, regional vice president, MX. “Our combined solutions deliver a highly compelling and feature-rich experience for consumers.”
Recently, Sionic launched the industry’s first real-time payments service enabling bank-to-bank digital cash deposits at the point-of-sale. This comes at a time when merchants are responding to consumer demand by allowing more widespread digital payment options. In addition to receiving funds instantly, merchants reduce costs on average 2% over expensive card swipe fees.
“Creating a simple and secure consumer experience has always been a top priority for Sionic,” added Erica Burris, VP strategy and product for Sionic. “Working with MX has been like interacting with an extension of my own team – professional, committed and extremely knowledgeable.”
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