Backbase and MX Announce Partnership
New York- and Amsterdam-based digital banking vendor Backbase, and Silicon Slopes, Utah-based MX, a money management and personal finance management solutions provider, announced a new partnership through which they will service North American financial institutions.
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 and integrate directly into the omni-channel digital banking offering Backbase Engage.
The Nexus and Hydra products offered by MX, formerly MoneyDesktop, aim to cleanse and categorize transaction feeds, amplify account aggregation capabilities and improve user alert functionality. The end-goal of the products is to add value and accuracy to the existing Backbase platform, improving overall functionality and providing a superior digital banking platform.
The products were also developed in conjunction with two credit unions, the $6.3 billion America First in Riverdale, Utah and the $13 billion BECU in Tukwila, Wash. MX first introduced the offerings at last year’s Finovate, claiming they would mobilize personal financial management tools across multiple platforms (such as Apple’s iOS, Google’s Android and Amazon’s Fire) in a way that will give users a coherent, seamless display from platform to platform. Nexus and Hydra, which were also Finovate Best of Show winners, combine several compelling and capable solutions to advance innovation, product adaptability and user experience for Backbase’s digital banking customers, a company announcement said.
“Our partnership with Backbase demonstrates a combined interest in providing institutions with the industry-leading tools they need to provide customer-centric money management experiences,” MX founder/CEO Ryan Caldwell said. “Backbase’s talented team has developed award-winning, optimized solutions centered around an institution’s digital strategy, a critical focus for institutions right now. 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.”
“Our decision to partner with MX came from a shared vision of how we see the industry moving forward; MX offers industry-leading PFM solutions and their focus on creating the best customer experience is very much aligned with what we deliver in our digital banking solution,” Backbase co-founder/CEO Jouk Pleiter said. “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.”
Last week, Backbase and Wethersfield, Conn.-based online and mobile digital payments company Payveris announced a partnership that will enhance Backbase’s money movement capabilities. Payveris provides integrated payment solutions to banks and credit unions. As part of that partnership agreement, Backbase will leverage Payveris’ payment API to offer money movement features within the Backbase Engage platform. Payveris also became part of the Backbase Open Banking Marketplace.