back Back

MX powers Instant Account Verification and enhanced data for FuturePay

By Edlyn Cardoza

July 27, 2022

  • BNPL
  • Credit Underwriting
  • Data Cleansing
Share

MX, Open Finance, FuturePay, MyTab, Instant Account Verification, Data Cleansing, Digital Credit Platform, BNPL, e-commerce, Instant Credit Decisioning, Flexible Long-term Payment, Credit Underwriting, Financial Data, USAMX recently 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 creditworthiness, 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.”

Previous Article

July 27, 2022

PayU appoints Attila Kulcsar as the new Global Payments Chief Financial Officer

Read More
Next Article

July 27, 2022

Oromia Bank selects BankWorld to enhance its digital banking transformation strategy in Ethiopia

Read More






IBSi Daily News Analysis

June 21, 2024

BNPL

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

The Weekly Wrap: all you need to know by Friday COB | June 21st

Read More

June 20, 2024

The Deep dive: Open Banking Vs BNPL

Read More

June 19, 2024

RBI announces completion of fourth regulatory sandbox cohort on financial fraud prevention

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023