Backbase, the next generation digital banking software vendor, and MX, the fintech provider behind award-winning digital money management (DMM) and personal finance management (PFM) software, have announced a new partnership to enrich digital banking experiences for community and regional financial institutions in North America.
As one of the fastest-growing financial technology providers, MX drives customer-centric banking relationships by offering a platform that their online banking partners, mobile banking partners, and financial institution partners can use to create and deliver a next generation banking application and customer experience. By doing so, MX positions banks and credit unions at the forefront of the digital banking revolution and empowers them to become account holders’ primary financial institutions.
Backbase helps financial institutions around the world become digital leaders and enables them to put digital channels at the core of their business model. The company’s Backbase Engage solution is a customer-centric, digital banking platform that delivers seamless customer experiences across multiple devices and streamlines omni-channel customer journeys. Backbase Engage comes in optimized editions for retail banking, commercial banking, and wealth management.
Under the partnership agreement, Backbase will leverage MX’s financial data API (Nexus) and financial data aggregator (Hydra); both will be available via the Backbase Open Banking Marketplace to integrate directly into Backbase Engage.
Jouk Pleiter, CEO & Co-Founder of Backbase, said in an official press release, “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digital banking solution and MX’s platform we are able to offer North American FIs a powerful solution to upgrade their outdated digital banking stacks.”
Ryan Caldwell, Founder and CEO of MX, said in an official press release, “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.”
The alignment of these two fintech innovators combines several compelling and capable solutions to advance innovation, product adaptability and user experience for Backbase’s digital banking customers. The Nexus and Hydra products offered by MX cleanse and categorize transaction feeds, amplify account aggregation capabilities, and improve user alert functionality—adding strong value and increased accuracy to the existing Backbase platform while improving overall functionality and providing a superior digital banking platform.