Data and payments platform, Moneyhub, has agreed a strategic partnership with US-based open finance outfit, MX Technologies.
The partnership enables Moneyhub and MX to leverage each company’s capabilities and networks. The aim is to help drive positive outcomes for organisations and consumers in both Europe and North America.
Moneyhub and MX enable access to real-time data and insights. This helps consumers optimise their savings and investments, track their spending, reduce expenses, and pay down debt. Through this partnership, Moneyhub will be able to refer clients to MX for support in North America. Meantime, MX can refer clients to Moneyhub who have a need for open finance solutions in European markets.
Enabling consumers to share data on their own terms
Moneyhub claims that it improves consumers’ financial health through automated money management with users gaining access to more suitable products. At the same time, Moneyhub helps businesses better understand their customers to offer them more appropriate, relevant, and personalised products.
Moneyhub gives consumers and businesses, with the consent of the customer, a holistic view of the consumer’s financial situation. Businesses using Moneyhub’s white-label products, APIs or widgets in return, are able to utilise the insights gained from their customer’s data to create more personalised products and communications that better suit their customers, and subsequently improve financial wellness and drive brand loyalty.
In addition, Moneyhub decisioning tools help firms better assess applicants to ensure better financial well-being. The firm claims that its data-powered affordability checks can provide a real-time view of an applicant’s financial information.
MX helps financial institutions, fintechs, businesses, and their consumers to understand and do more with financial data. MX says that it improves business and consumer outcomes. It does this by helping to reliably connect and verify data with its connectivity solutions and open finance APIs. MX enables trusted access to financial data and makes it actionable for financial institutions and fintechs to make intelligent business decisions and deliver superior money experiences that drive growth.
Firms’ mutual focus on consumers’ financial wellbeing
Samantha Seaton, CEO at Moneyhub said: “Forming a strategic partnership with MX is an exciting development for Moneyhub. It will allow our clients to use consent-driven data to improve their customers’ financial lives, on a global scale. Both businesses are well aligned in terms of not only our products and services but also our vision and values. With finances stretched globally it has never been a more important time to focus on financial wellbeing.”
Raymond den Hond, Chief Commercial Officer, Partners at MX added: “MX and Moneyhub share the belief that consumer-permissioned data sharing is critical to the future of our industry. We have an inherent responsibility to improve the money experience for consumers. Through this partnership, we’re excited to tap into Moneyhub as an option to meet the needs of our clients who also operate in Europe. This enables them to deliver data-driven, personalised experiences and automated insights to consumers in both regions.”
