MXapi Processor Tokens dramatically increase the speed and experience for account opening and money movement processes between MX clients and their mutual payment processor partners.

With MXapi Processor Tokens, MX clients can go to market faster with payment processor partners and enable secure, simplified sharing of actionable user data by:

• Removing the need for MX clients to store sensitive user data
• Making it easier for mutual partners to easily access money movement data sets
• Providing easy access to the necessary account data needed for identification and Know Your Customer (KYC) initiatives
• Giving MX clients greater flexibility to work with multiple partners
• Delivering real-time balances that reveal the up-to-the moment status of an account before initiating payments
• Enabling deeper fraud analysis by exposing tokenized transaction history.

“In a world where protecting against data breaches and other financial fraud is paramount, processor tokens enable our clients to protect their consumers,” said Corinne Bartow, vice president of Fintech Partnerships at MX. “Whether moving money or opening an account, they no longer need to store the user's verified account data or create new connections each time data is necessary to verify information. This is a big deal, especially in the fintech multi-party ecosystem.”

“Since my early days at Moov, it was clear that we needed to prioritize and synchronize our technology priorities with the MX platform,” said Joel Tosi, CTO of Moov. “Because of MX’s thoughtful architecture, we were able to spin up our Processor Token integration in a single sprint cycle, enabling us to further expedite new customer onboarding.”

For MX mutual partners, MXapi Processor Tokens improve data accessibility, removing the need to run standalone jobs to gather data. In addition, token-based APIs can provide account ownership data, transaction history, account balance data, and more for the processor to securely move money for the consumer. Secure tokens also make it easy and safe for relevant parties to verify consumer financial data while avoiding the risks of handling and storing sensitive information.

“By providing rich tokenized access to users’ financial data, we’ve reduced a security concern in the ongoing partnerships that MX financial clients build with our mutual partners,” Bartow continued.