Press Release, 7 April 2015

Backbase partners with MX for PFM and account aggregation

Backbase, the next-generation digital banking software vendor, and MX, the fintech provider behind award-winning digital money management (DMM) and personal finance management (PFM) software, have announced a new partnership to enrich digital banking experiences for community and regional financial institutions in North America.

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 to integrate directly into Backbase DBP, the award winning omni-channel digital banking platform of Backbase.

The alignment of these two Finovate Best of Show winners combines several compelling and capable solutions to advance innovation, product adaptability and user experience for Backbase’s digital banking customers. The Nexus and Hydra products offered by MX cleanse and categorize transaction feeds, amplify account aggregation capabilities, and improve user alert functionality; adding strong value and increased accuracy to the existing Backbase platform – improving overall functionality and providing a superior digital banking platform.

“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. Backbase’s talented team has developed award-winning, optimized solutions centered around an institution’s digital strategy, a critical focus for institutions right now,” said Ryan Caldwell, Founder and CEO of MX. “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,” said Jouk Pleiter, CEO & Co-Founder of Backbase. “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banking solution and MX’s platform we are able to offer North American FI’s a powerful solution to upgrade their outdated digital banking stacks.”

About MX

MX is fundamentally changing how people interact with their money by enabling its partners to become true advocates for their customers. MX is redefining the way financial institutions connect with account holders by enabling its partners to deliver omni-banking technologies that create and support a true centralized, powerful and engaging omni-channel experience. As one of the fastest-growing financial technology providers, MX drives customer-centric banking relationships by offering a platform upon which online banking partners, mobile banking partners and financial institution partners can create and deliver a next generation banking application and customer experience. By doing so, MX positions banks and credit unions at the forefront of the digital banking revolution and as account holders’ primary financial institution. MX is headquartered in the heart of Utah’s Silicon Slopes and is currently partners with hundreds of financial institution partners and more than 30 mobile/online banking, core, and payment network partners.