Finastra and MX partner to offer Financial Management tools in US

By Gloria Methri

Finastra is partnering with MX Technologies to provide seamless and personalized money experiences by integrating MX’s Personal Financial Management (PFM), Insights, and Account Aggregation solutions with Finastra’s Fusion Digital Banking solution.

MX helps organizations connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. It powers 85% of digital banking providers, as well as thousands of banks, credit unions, and FinTechs, with a combined reach of over 200 million consumers.

With the integration of MX and Fusion Digital Banking, financial institutions can provide consumers with a robust set of PFM and financial wellness tools. These include budgeting and debt management tools, personalized, proactive insights based on their spending and saving behaviors, and the ability to create a consolidated view of consumers’ finances by connecting all of their financial accounts.

In addition, financial institutions can better identify when, where, and how consumers are engaging with their finances with enhanced data and customer analytics. This enables financial institutions to increase member engagement and retention, drive financial wellness, and uncover new business growth opportunities.

Raymond den Hond, Chief Commercial Officer, Partners, at MX said, “Consumers are looking to their financial providers to help them better manage their money and guide them toward financial health. By partnering with Finastra, we are enabling more than 150 financial institutions to use the Fusion Digital Banking solution to improve the money experience and meet consumer needs with personalized recommendations, services, and tools.”

“Finastra is thrilled to partner with MX to offer our customers new tools to help support an enhanced customer experience,” said Peter Longo, Vice President, Product Management at Finastra. “As the industry continues to embrace Open Finance and account holders look for more holistic solutions to manage their finances, it is critical that we bring in the right partners to help provide what today’s banking customers have come to expect. We look forward to working with MX to bring the benefits of Open Finance to more banks across the United States.”