MX, the leading data platform helping organizations harmonize the money experience, announced the launch of Path by MX, a simpler, faster, and more secure way for financial institutions and fintechs to connect new services, apps, cores, and systems. Path is a data connectivity API that empowers organizations to move beyond the constraints of legacy systems — such as slow innovation, time-consuming and costly upgrades, and inflexible contracts.
With Path by MX, financial institutions and fintechs can:
- Improve enterprise data connectivity by connecting their data and services with enterprise tools like Dell Boomi, MuleSoft, Salesforce, and other large-scale enterprise frameworks.
- Develop a 360-degree view of user finances by connecting consumer finance providers to their core systems, including eStatement and remote deposit providers, checking image solutions, bill payment services, core providers, and more.
- Increase IT flexibility by expanding beyond data sharing to service sharing, improving data connectivity and easing the burden of switching vendors.
- Deliver data-driven money experiences by improving data access and quality to ensure new products and services delight and educate customers at every step along their financial journey.
“With Path, financial institutions and fintechs can enjoy the flexibility of more modern cores without multi-year migrations that slow down innovation,” said Brandon Dewitt, Co-founder and CTO of MX. “Path will help financial institutions and fintechs connect their financial systems through an open API, so they can better understand their customers and innovate faster. With Path, organizations can become true advocates for their customers as they progress along their financial journey.”
As an API-driven solution, Path can be deployed as a fully managed service by MX, or it can be built and handed off to financial institutions or fintechs to run independently. MX believes that the data ultimately belongs to the user and with Path, financial institutions and fintechs can use that data to improve the financial lives of their customers.