MX leverages open finance direct API connections on Jack Henry’s digital banking platform across more than 800 financial institutions.
By Global FinTech Series News Desk
MX Technologies, Inc. announced that MX and Jack Henry have agreed to work together to deliver a more seamless and secure data sharing experience for consumers across more than 800 financial institutions. MX’s interoperable API platform will now directly connect through Jack Henry’s secure API connections to expand Jack Henry’s efforts to replace inbound screen scraping on its Banno Digital Banking Platform.
By creating direct API connections with clients, Jack Henry is making it easier for consumers to connect financial accounts securely and reliably without the need to share usernames and passwords. API connections allow financial institutions to better analyse, manage, and maintain data sharing connections while reducing risk and keeping consumer data safe.
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“As an industry, we need to raise the bar on delivering money experiences that keep consumer data safe. By moving to API connections, financial institutions can better detect and mitigate fraud while delivering a more seamless experience to consumers,” explained Ben Metz, Chief Digital and Technology Officer at Jack Henry.
API connections are not only more secure but also enable better privacy and transparency for the nearly 10 million registered users on the Banno Digital Platform. With MX’s API connection, consumers can connect to and share their financial data on their terms with permissioned data sharing.
“Consumers have an average of five to seven relationships with various financial providers, and without a clear and comprehensive picture of their finances, they’re left making decisions based on pieced-together information. We can do better,” said Raymond den Hond, Chief Commercial Officer, Partners, at MX. “Consumers should be able to quickly and easily connect their accounts for a complete view of their financial life. MX is excited to partner with Jack Henry to drive direct API connections and help ensure consumers have full control of their financial data and drive industry adoption of Open Finance forward.”
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