Sila, MX announce tokenized integration for bank account verification

By Gloria Methri

Payments provider Sila and Open Finance firm MX have completed the integration work of MXapi Processor Tokens with Sila. The deal will allow Sila customers and their end users to verify bank accounts and account data for fraud mitigation and balance checks.

The use of processor tokens is the latest result of the strategic partnership between the two companies.

Tokenized authentication with MXapi Processor Tokens removes the need to share and store sensitive user data when initiating money movement. It also mitigates fraud and risk. Now, Sila clients and partners can leverage MXapi Processor Tokens for more convenient access to these token-based account verification services and do account balance checks.

“We consistently strive to streamline our customers’ workflow,” said Shamir Karkal, CEO and co-founder of Sila. “Investing our time and resources to identify the right partners and collaborating with them to deliver time and cost savings for our customers sets us apart. Joining forces with a partner like MX, which shares the same goals and vision, makes it even easier.”

“Our MXapi Processor Tokens make it both easier and safer for our partners and clients to verify consumer financial data while avoiding the risks of handling and storing sensitive information,” said Corinne Bartow, Vice President of FinTech Partnerships at MX. “We are thrilled to partner with Sila to expand the use of these processor tokens, improving data accessibility between MX clients and their mutual payment processor partners.”