Digital Banking

MX partners with UW Credit Union to deliver financial apps, security

March 28, 2022

MX, a financial data platform, is partnering with UW Credit Union, a credit union serving University of Wisconsin communities, to enable two-factor login security. With this tool, members can share their information with other financial services using API token-based technology, according to a press release.

"Partnering with leading financial institutions like UW Credit Union to implement open banking APIs gives people greater access and control of their financial data," Jane Barratt, chief advocacy officer at MX, said in the release. "UW Credit Union members will now be able to securely connect with their favorite apps and services in a more secure, convenient and reliable way, using API-token based technology and removing the need for customers to share their login IDs and passwords."

Both companies are members of the Financial Data Exchange organization, which is dedicated to delivering an interoperable standard for securely accessing user-permissioned financial data.

"We are excited to launch our FDX implementation in partnership with MX," Eric Bangerter, VP of digital technology at UW Credit Union, said in the release. "Security and convenience are sometimes opposing concepts — and we don't think they have to be. Our FDX implementation will allow our members to easily access fintechs and other financial technology products while keeping their passwords private and under their control. We are glad to be members of the Financial Data Exchange organization and to continue to be industry leaders in digital security."