MX, a leader in Open Finance, today announced it will provide data cleansing and Instant Account Verification (IAV) for FuturePay’s MyTab, a digital revolving credit platform for online merchants and their customers.
MyTab helps online shoppers across the U.S. apply once for a credit line that they can use for a lifetime to make purchases with any merchant in the FuturePay network.
The MyTab solution improves upon traditional credit cards and “Buy Now, Pay Later” (BNPL) offerings for e-commerce transactions. While MyTab is like BNPL in that it is purpose-built for e-commerce use by delivering instant credit decisioning and financing, it also provides attributes similar to credit cards, such as offering flexible long-term payment options with a “tab” for a credit line of $1,000 to $5,000 that a shopper can use and reuse for as long as they keep their account in good standing.
“Since we are providing long-term credit, FuturePay is required to be much more rigorous with customer underwriting than traditional BNPL installment loan providers, which is why we chose MX,” said Tim Harris, CEO of FuturePay. “MX has an award-winning data engine to cleanse and categorize our customers’ transaction data, helping us verify people based on their consumer behavior. Our need to know their financial profile over the long haul is where MX will really pay off.”
With MX, MyTab merchants can deliver customers the frictionless e-commerce experience they’ve come to expect and ensure they can accurately confirm their identity and financial information with seamless connections to financial data. FuturePay also plans to leverage MX for additional data insights, such as credit worthiness, to drive even more sophisticated credit underwriting for e-commerce merchants and their customers.
“This integration demonstrates our shared commitment to power the open finance economy by enabling our customers to seamlessly connect consumers with financial products to meet their needs, opening up new ways to make purchases, backed by enhanced data and IAV from MX,” said Raymond den Hond, EVP of Customer Experience, MX. “FuturePay provides a flexible long-term financing option for online shoppers, which is an interesting alternative to BNPL and traditional credit cards.”