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Fiserv and MX Enable Secure Consumer Financial Data Access to Accelerate Future of Open Finance
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Fiserv (NASDAQ: FISV) and MX have partnered to enhance access to tokenized consumer data, promoting secure sharing of financial information. This collaboration enables consumers to connect their financial data with various applications without sharing passwords, enhancing security and usability. The AllData® Connect platform facilitates this process, providing a secure portal for third-party app access. Both companies aim to create a more connected and efficient financial ecosystem, responding to the growing demand for secure digital financial management.
Positive
Launch of AllData® Connect enhances secure consumer data sharing.
Partnership with MX strengthens Fiserv's position in open finance.
Improved security and user experience for consumers managing financial data.
Negative
None.
Companies facilitate access to 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 payments and financial services technology solutions, and MX, a financial data platform provider and a leader in modern connectivity, are accelerating 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.
“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.”
AllData Connect, part of the AllData Aggregation product suite, provides Fiserv client financial institutions with a secure portal through which consumers can agree to share their financial data with third-party apps. 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. This method of sharing data improves both consumer data access and security, important considerations in advancing the future of open financial ecosystems.
“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, Executive Vice President of Partnerships at MX. “Jointly, we are committed to building a more connected, frictionless, and secure financial ecosystem which will deliver the interactions customers seek.”
In a world moving faster than ever before, Fiserv continues to help clients deliver solutions in step with the way people live and work today. Learn more at fiserv.com.
MX, the financial data platform and leader in modern connectivity, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. 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.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; 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 FORTUNE World's Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.
Media Relations:
Ann Cave Vice President, External Communications Fiserv, Inc. 678-325-9435
ann.cave@fiserv.com
Additional Contact:
Steve Jensen Director of PR
MX
801-669-5532
steve.jensen@mx.com
Source: Fiserv, Inc.
FAQ
What is the significance of Fiserv and MX's partnership regarding tokenized consumer data?
The partnership aims to enhance secure sharing of financial data, enabling consumers to connect their data with apps without needing to share passwords.
How does AllData® Connect improve consumer data security for Fiserv clients?
AllData® Connect uses tokenization to allow third parties to access consumer data securely, eliminating the need for username and password sharing.
What market demand does the Fiserv and MX partnership respond to?
The partnership addresses the growing consumer demand for secure financial data management through third-party applications.
When was the press release about Fiserv and MX's partnership published?
The press release was published on March 21, 2022.
What is FISV's role in the financial technology industry?
Fiserv, Inc. (NASDAQ: FISV) is a leading global provider of payments and financial services technology solutions.
