- Multiple-time Finovate Best of Show winner MX announced a partnership with embedded banking platform Rize.
- Together the two fintechs will make it easier for developers to build and launch new financial services and products through a single API.
- Virginia-based fintech-as-a-service innovator Rize was founded in 2015 and has recently partnered with Walnut Insurance and TrueNorth.
A partnership between financial data and modern connectivity company MX and embedded banking platform Rize will enable fintech and other developers to build, launch, and scale new financial solutions via a single API.
The collaboration, announced late last month, will provide access to Rize’s banking infrastructure and compliance program. Both current and new clients also will be able to securely link bank accounts from 16,000+ financial institutions and fintechs by way of MX’s data connectivity network, which leverages machine learning to clean and enrich transaction data.
“Our partnership with Rize is all about developing new financial products and services through one API,” MX EVP of Partnerships Don Parker said. “By cutting the associated time and costs of development, we’ll open up MX functionality to a wider range of fintech companies and organizations already working to improve financial strength and access to quality financial tools.”
Powering 85% of digital banking providers and thousands of banks, credit unions, and fintechs, MX most recently demonstrated its technology on the Finovate stage last fall in New York for FinovateFall. At the conference, the multiple-time Best of Show winner showed its Open Finance portal that improves the data sharing experience between providers and recipients for the benefit of the customer. The technology relies on modern, token-based connectivity to give financial institutions the ability to monitor and manage how customer data is shared.
In the months since its appearance at FinovateFall, MX has forged partnerships with Deposits.com to promote financial inclusion in underbanked communities, and with H&R Block, where the Lehi, Utah-based fintech will help the tax preparer provide customers of its Spruce mobile banking platform with greater transparency. In February, MX teamed up with Cadence Bank, a regional financial institution based in Tupelo, Mississippi with more than $50 billion in assets and 400+ branches in the American South, Midwest and in Texas. MX began the year with the appointment of Shane Evans as Interim Chief Executive Officer. Evans took over the top spot from MX founder Ryan Caldwell, who transitioned to the role of Executive Chair.