MX partners with Dwolla to automate account verification experience

By Pavithra R

MX, a leader in open finance and creator of the Money Experience category, has announced an extension to its intelligent account verification solution, available through the MXconnect widget or MXapi, making it easier for customers to securely connect any depository account.

Expansion of instant account verification coverage to over 4,000 institutions, and the addition of account verification through micro-deposits, enables MX to verify nearly 100% of domestic depository accounts.

The firm through its partnership with Dwolla, a FinTech company that is changing the way innovative businesses move money, has automated the micro-deposit verification experience for clients by removing the need to manage their own ACH and micro-deposit processes. This patented approach gives expanded coverage to FIs of all sizes, giving all customers secure access to their financial data.

“We give organizations the ability to deliver modern, tokenized, open banking API connections for customers to access their financial data through the MXconnect widget. Customers will now have access to an improved modern connectivity experience for their institutions,” said Brandon Dewitt, Cofounder and CTO of MX.

With the alliance with Dwolla, MX increases coverage to the additional 10% of U.S. accounts via micro-deposits. The speed and success of these connections are expected to improve customer retention by reducing dropoff due to slow and failed connections.

“Partnering with MX will automate the verification experience and make it that much easier to verify a bank account. Together with Dwolla, MX has configured a new solution to ensure that millions of payments occur smoothly and easily each day. We couldn’t be more excited about this partnership and the impact it will have on millions of Americans,” said Dave Glaser, President and COO of Dwolla.

Founded in 2010, MX is a fintech company that offers open banking, bank APIs, mobile banking, and more via modern connectivity and data enhancement