US-based Sionic has teamed with fintech MX to link US consumer bank accounts for direct-to-merchant payments at the Point-of-Sale (POS). Sionic has embedded MX’s Instant Account Verification (IAV) and Account Aggregation services into its consumer microsite and mobile software development kit (SDK), enabling consumers to link their checking accounts within a ULink profile.

ULink, built with Visa, adds another layer of security by bringing real-time direct deposits to the POS through secure digital tokens that represent the consumers' bank account numbers. Commenting on the partnership, Sionic’s officials stated that the overall feature set, ease of implementation, and its ability to support their pace of development have led them to MX. Additionally, the MX Connect widget verifies consumer bank account information, reducing fraud without causing friction for their users.

Recently, Sionic launched a real-time payments service, enabling bank-to-bank digital cash deposits at the Point-of-Sale. This comes at a time when merchants are responding to consumer demand by allowing more widespread digital payment options. In addition to receiving funds instantly, merchants reduce costs on average 2% over expensive card swipe fees.

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