Enterprises are making it easier to access tokenized consumer data to enable businesses to better serve customers across their many financial touchpoints
BROOKFIELD, Wis.–(BUSINESS WIRE)–Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payment technology and financial services solutions, and MX, a provider of financial data platforms and a leader in modern connectivity, are accelerating the future of open finance with secure and reliable sharing of consumer financial data. MX is the first company to access tokenized consumer data through Fiserv’s AllData® Connect, enabling consumers to more securely share their financial data with their favorite apps or services.
“Consumers are increasingly using third-party apps to manage their finances, improve financial literacy, access offers and information, and more,” said Justin Jackson, product manager for digital payments at Fiserv. “Direct connections that provide access to tokenized consumer data eliminate the need for consumers to share usernames and passwords with third parties and create a more secure way for them to manage their daily financial lives. ”
AllData Connect, part of the AllData Aggregation suite of products, provides Fiserv’s financial institution customers with a secure portal through which consumers can agree to share their financial data with third-party applications. AllData Connect issues an identification token in place of the consumer’s username and password, and the third party is then able to provide this token to the financial institution to access the consumer’s data. This method of data sharing improves both access to consumer data and security, important considerations for advancing the future of open financial ecosystems.
“Consumers expect to be able to access their financial data when and how they want it, while financial institutions want to know which third parties their customers are accessing. Direct connections to financial information via modern APIs make this possible without compromising security,” said Don Parker, executive vice president of partnerships at MX. “Together, we are committed to building a more connected, frictionless and secure financial ecosystem that will deliver the interactions customers are looking for.”
In a world that is changing faster than ever, Fiserv continues to help its customers deliver solutions that align with the way people live and work today. Learn more about fiserv.com.
MX, the financial data platform and leader in modern connectivity, helps organizations around the world connect to financial data around the world and turn raw, unstructured data into their most valuable asset to deliver intelligent financial experiences. and personalized. MX connects over 16,000 financial institutions and fintechs, providing the most reliable and secure data connectivity network in the industry. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions and fintechs, with a combined reach of over 200 million consumers. To learn more, follow us on Twitter @MX or visit www.mx.com.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in ways that move the world. As a global leader in payments and financial technology, the company helps its customers achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuer processing and network services; Payments; e-commerce; acquiring and processing merchants; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of the FORTUNE® World’s Most Admired Companies for 11 of the past 14 years and named one of the World’s Most Innovative Companies by Fast Company for two consecutive years. years. To visit fiserv.com and follow on social media for more information and the latest company news.
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