New partnership provides members with a more secure and convenient way to permission and share financial information using API token-based technology
MX, the financial data platform and leader in modern connectivity, announced a new data access partnership with UW Credit Union, serving University of Wisconsin communities and the first credit union in the U.S. to implement two-factor online banking login security—now a federal requirement for all financial institutions. The new partnership enables UW Credit Union members to share their financial information with and services supported by MX using API token-based technology, removing the need for members to share their login IDs and passwords.
“Partnering with leading financial institutions like UW Credit Union to implement open banking APIs gives people greater access and control of their financial data,” said Jane Barratt, Chief Advocacy Officer at MX. “UW Credit Union members will now be able to securely connect with their favorite apps and services in a more secure, convenient and reliable way, using API-token based technology and removing the need for customers to share their login IDs and passwords.”
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As key members of the Financial Data Exchange (FDX), a nonprofit organization that is dedicated to unifying the financial industry around a common, interoperable, and royalty-free standard for the secure access of user-permissioned financial data, MX and UW Credit Union are committed to leading the charge for open standards and secure access to financial information.
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“We are excited to launch our FDX implementation in partnership with MX,” said Eric Bangerter, VP of Digital Technology at UW Credit Union. “Security and convenience are sometimes opposing concepts—and we don’t think they have to be. Our FDX implementation will allow our members to easily access fintechs and other financial technology products while keeping their passwords private and under their control. We are glad to be members of the Financial Data Exchange organization and to continue to be industry leaders in digital security.”
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