MX, the financial data platform and provider of modern connectivity, has announced a partnership with Rize, an embedded banking platform, in order to support financial technology developers and non-financial firms to efficiently “build, launch, and scale new financial products and services via a single API.”
Rize and MX “expect the partnership will help customers significantly reduce development time and costs.”
As mentioned in an update shared with CI, the referral-based partnership “gives existing and potential clients access to Rize’s banking infrastructure and … compliance program, as well as the ability to securely link bank accounts from over 16,000 financial institutions and fintechs through MX’s secure data connectivity network.”
Beyond connectivity, MX uses machine learning “to clean and enrich transaction data.”
Justin Howell, Founder and CEO of Rize, stated:
“As we tackle the enormous goal of rebuilding the financial infrastructure, our vision of making a company’s task of integration as simple as possible has aligned perfectly with that of MX. Now developers and data providers can spend less time developing and more time focusing on their customers.”
Together, MX and Rize will be able “to better serve growing organizations and provide them with the banking and data tools to reach scale and product parity with competitors.”
Don Parker, EVP Partnerships, MX, remarked:
“Our partnership with Rize is all about developing new financial products and services through one API. By cutting the associated time and costs of development, we’ll open up MX functionality to a wider range of fintech companies and organizations already working to improve financial strength and access to quality financial tools.”
As covered, MX is the financial data platform and “leader” in modern connectivity. It 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 over 16,000 financial institutions and fintechs offering the industry’s most reliable and secure data connectivity network. MX also “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.”
Rize is a fintech infrastructure platform that “provides fintechs and non-financial companies access to all of the tools they need to efficiently build, launch, and scale new financial products and services via one API.”
You may open DDA accounts via their sponsor bank and “get access to transaction processing, card issuance, payment rails and compliance tools all in one seamlessly integrated platform.”
