BROOKFIELD, Wis.–Fiserv said it is partnering with MX, a financial data platform and connectivity provider, to accelerate the “future of open finance through secure, reliable consumer financial data sharing.
MX is the first company to access tokenized consumer data via AllData Connect from Fiserv, to better enable a more secure way for consumers to share their financial data with their favorite apps or services, Fiserv said.
“Consumers are increasingly using third-party apps to manage their finances, improve their financial literacy, receive access to deals and insights, and more,” said Justin Jackson, head of product for Digital Payments at Fiserv. “Direct connections that enable 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.”
According to Fiserv, AllData Connect, part of the AllData Aggregation product suite, provides the company’s client financial institutions with a secure portal through which consumers can agree to share their financial data with third-party apps.
How Solution Works
“AllData Connect issues an identifying token in place of the consumer’s username and password, and the third party is then able to provide that token to the financial institution to access the consumer’s data,” Fiserv explained. This method of sharing data improves both consumer data access and security, important considerations in advancing the future of open financial ecosystems, the company added.
“Consumers expect to be able to access their financial data when and how they see fit, while financial institutions seek insights into which third parties their customers are accessing. Direct connections to financial information via modern APIs make this possible without compromising security,” said Don Parker, EVP-partnerships at MX. “Jointly, we are committed to building a more connected, frictionless, and secure financial ecosystem which will deliver the interactions customers seek.”
For info: fiserv.com.
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