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Moneyhub and MX Enhance Financial Wellness Through Open Finance

Moneyhub, the data and payments platform built on the principles of open banking and open finance, has partnered with MX Technologies, Inc., the open finance organisation in North America. The partnership enables Moneyhub and MX to leverage each company’s capabilities and networks to help drive positive outcomes for organisations and consumers in both Europe and North America.

Both organisations are driven by their missions to enhance the lifetime financial wellness of people and empower the world to be financially strong. Moneyhub and MX enable access to real-time data and insights through open finance that help 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. Meanwhile, MX can in turn refer clients to Moneyhub who have a need for open finance solutions in European markets.

Moneyhub enables European consumers to share data on their terms, improve their financial health through automated money management, and gain 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.

Bolstering the toolset

Through Moneyhub’s Personal Finance Management platform and open banking APIs, 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. In doing so, they can 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. Unlike traditional credit scoring, data-powered affordability checks can provide a real-time view of an applicant’s financial information.

Accelerating open finance adoption

MX helps financial institutions, fintechs, businesses, and their consumers in the US and Canada to understand and do more with financial data. The company improves business and consumer outcomes by helping to reliably connect and verify data with its industry-leading connectivity solutions and open finance APIs, surface data insights, and deliver personalised money experiences.

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.

The partnership will help accelerate the adoption of open finance across North America and Europe, continuing to drive the industry shift on a global scale. Businesses using these products will be able to unlock the potential of open finance and move beyond that to use the power of open data to fuel their customer-focused initiatives.

Automating insights across both regions

Samantha Seaton, CEO at Moneyhub comments: “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.

“We’re thrilled that we can, via this partnership, offer our current and future clients even greater opportunity, and are excited to work alongside MX to create better outcomes for consumers. And 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 says: “MX and Moneyhub share the belief that consumer-permissioned data sharing is critical to the future of our industry and 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. We look forward to further enabling them to deliver data-driven, personalised experiences. Of course, in addition to automated insights to consumers in both regions.”

Author

  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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