Backbase, a Netherlands-based digital banking software vendor, has partnered with MX, a US-based money management and personal finance management solutions provider, to enhance digital banking experiences for community and regional financial institutions in North America.
As part of the agreement, Backbase will use MX’s financial data API (Nexus) and financial data aggregator (Hydra).
The Nexus and Hydra products will be available through the Backbase Open Banking Marketplace to integrate directly into Backbase Engage, an omni-channel digital banking offering.
The MX products will cleanse and categorize transaction feeds, amplify account aggregation capabilities, and improve user alert functionality.
These products aim to add strong value and increased accuracy to the Backbase platform, thus enhancing overall functionality and offering a superior digital banking platform.
MX founder and CEO Ryan Caldwell said: "Our partnership with Backbase demonstrates a combined interest in providing institutions with the industry-leading tools they need to provide customer-centric money management experiences. We’re thrilled to provide Backbase a more agile API and robust aggregation solution for their platform – which will increase MX’s ability to deliver even more value for millions of additional end-users."
Backbase CEO & co-founder Jouk Pleiter said: "By adding MX to our Open Banking Marketplace and offering easy integration between our digital banking solution and MX’s platform we are able to offer North American FI’s a powerful solution to upgrade their outdated digital banking stacks."