Financial software applications and marketplaces provider Finastra has announced a partnership with North America-based Open Finance company MX Technologies . The collaboration seeks to provide increasingly simplified, personalised money experiences by integrating MX’s Personal Financial Management (PFM), Insights, and Account Aggregation solutions with Finastra’s Fusion Digital Banking solution and enable financial institutions to better guide consumers toward financial wellness.

Finastra – MX partnership details Based on the information detailed in the press release, with the integration of MX and Fusion Digital Banking, financial institutions can provide consumers with an extensive array of PFM and financial wellness tools, including budgeting and debt management, personalises, proactive insights based on their spending and savings behaviours, and the ability to create a consolidated view of their financing by connecting all their financial accounts. What is more, financial institutions are enabled to better identify when, where, and how customers are engaging with their finances through means of enhanced data and customer analytics. Per the announcement, this helps financial institutions increase member engagement and retention alike, drive financial wellness, and uncover additional business growth opportunities.

When commenting on the collaboration, Raymond den Hond, Chief Commercial Officer, Partners, at MX advised that consumers are looking to their financial providers to help them better manage their money and guide them toward financial health. The spokesperson said that through the Finastra collaboration, they are enabling more than 150 financial institutions that leverage the Fusion Digital Banking solution to improve the money experience and address consumer needs through personalised recommendations, services, and tools. Adding on this, Peter Longo, Vice President, Product Management at Finastra stated that the company is looking forward to partnering with MX to provide its customers with new tools that help support an improved customer experience.

Per their statement, as the industry keeps on embracing Open Finance and account holders are on the lookout for increasingly holistic solutions to manage their finances, the company finds it critical to find the appropriate partners that help provide what current banking customers have come to expect. The company official further said that they will keep on collaborating with MX to bring the benefits associated with Open Finance to more banks across the US. MX, Finastra's recent developments As an Open Finance company, MX was announced earlier in July to be a partner of the data and payments platform built on Open Banking and Open Finance principles Moneyhub.

The collaboration, as detailed at the time of the news, sought to enable Moneyhub and MX to leverage each company’s capabilities and networks to help drive positive outcomes for Europe- and North America-based organisations and consumers alike, as both companies have a common goal of improving the lifetime financial wellness of people and assisting the world in being financially strong. In the same month, Finastra announced two collaborations, the most recent one being with San Marino-based payments processing startup Salve Financial Hub SpA (Salve FH), which had the aim of supporting accurate and fast payment processing for the latter through the Finastra Essence product. Prior to this, it partnered with Melton Building Society to help transform its operations and implement new services in an expedited manner.

What is more, come the end of June, the company made public the completion of its testing and certification for the FedNow Service, the Federal Reserve’s instant payment product. .