Expanded open banking access with MX delivers higher conversions, faster connections, and improved risk assessment for EDGE and the lenders it serves.
EDGE, the pioneer and leader in cashflow analytics for lenders, and MX Technologies, Inc. have partnered to integrate MX’s account aggregation and account verification capabilities with EDGE’s risk assessment solutions serving credit unions, fintechs, and other consumer lenders throughout the United States.
With this partnership, EDGE improves upon its best-in-class account connection success rates with maximum data quality to deliver more conversions from lead to loan and even higher fidelity decisions on a complete financial picture. MX enables consumers to securely connect and share accounts to gain fast, reliable insights with comprehensive coverage of U.S. and Canada demand deposit accounts, including more than 75% through direct connections.
“Lenders need analytics they can trust,” said Brian Reshefsky, CEO of EDGE. “Working closely with MX boosts EDGE’s ability to establish successful connections with fewer drop-offs, ultimately driving more originations for lenders based on robust cashflow insights.”
EDGE’s cashflow insights are powered by an open banking network of data aggregation partners that now includes MX, empowering consumers seeking credit to connect any financial account in the U.S. for risk decisions that include an applicant’s income, spending, and saving behaviors. The attributes and scores that EDGE delivers to lenders are built on the industry’s only data lake of banking activity data and corresponding loan outcomes, giving EDGE attributes proven relevance and predictive value in consumer credit underwriting.
“EDGE’s cashflow analytics are a great use case for MX’s connection and verification services,” said Don Parker, MX Executive Vice President of Partnerships. “Our reliable network, high-quality data, and comprehensive coverage improve the real-time analytics that EDGE’s clients rely on to make better lending decisions for their business and customers.”
MX offers a complete suite of consumer-permissioned account aggregation and data enrichment solutions for secure account sharing, verification, and more. With a robust connectivity network including direct-to-bank API partnerships with most of the top financial institutions and digital banking providers in the U.S., MX streamlines the connectivity experience for consumers with the high security standards and reliable account information.
“MX’s mission is to empower the world to be financially strong. We’re continually innovating to help financial institutions, fintechs, and consumers do more with their financial data to improve outcomes,” added Parker. “Together with EDGE, we’re advancing our shared goal to enable more and better access across the financial ecosystem for all consumers.”
As the first cashflow consumer reporting agency (“CRA”), EDGE enables lenders to decision on cashflow insights in the same way as credit reports and scores from the national bureaus, including delivery of a familiar three-digit risk score, based entirely on a current and complete financial picture comprised of balance and transaction data. Consumers, in turn, benefit from all the regulatory protections and processes uniquely afforded to them by CRAs.
“We have a longstanding commitment to industry-leading data security and privacy as well as transparency and inclusion,” said Reshefsky. “Working closely with MX who exemplifies these values furthers EDGE’s ability to provide best-in-class cash flow underwriting capabilities for lenders along with more access to credit and financial success for consumers.”
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