Data and payments platform built on Open Banking and Open Finance principles Moneyhub has announced a partnership with North America-based Open Finance company MX . The referral collaboration is set 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.

Open Finance and what the Moneyhub – MX partnership entails Based on the information detailed in the press release, both organisations have the goal to improve the lifetime financial wellness of people and assist the world in being financially strong. Moneyhub and MX provide access to real-time data and insights that assists consumers with optimising their savings and investments, tracking spending, reducing expenses, and paying down debt. This collaboration lets Moneyhub refer clients to MX for support in North America, whereas, in turn, MX can refer clients to Moneyhub who require Open Finance solutions in European markets.

Moneyhub’s European consumers are enabled to share data on their terms, improve financial health via automated money management, and receive access to more suitable products. Concomitantly, Moneyhub assists businesses in better understanding their customers to provide them with increasingly appropriate, relevant, and personalised products. Through its Personal Finance Management platform and Open Banking APIs, the company offers consumers and businesses, with the customer’s consent, a holistic view of the consumer’s financial situation.

Businesses leveraging its white-label products, APIs, or widgets are able in return to use the insights gained from their customer’s data towards the creation of more personalised products and communications that better suit customers, and subsequently improve financial wellbeing and drive brand loyalty. Additionally, its Decisioning tools help companies assess applicants better to ensure financial wellness. As opposed to traditional credit scoring, data-powered affordability checks can offer real-time visibility over an applicant’s financial information.

MX looks to help FIs, fintechs, businesses, and their consumers in the US and Canada to understand and do more with financial data. MX betters both business and consumer outcomes by helping to connect and verify data reliably with its connectivity solutions and Open Finance APIs, surface data insights, and provide personalised money experiences. The company enables trusted access to financial data and helps FIs and fintechs make intelligent business decisions and provide improved money experiences that drive growth.

The cooperation seeks to expedite Open Finance adoption across North America and Europe, continuing to drive the industry shift globally. Businesses leveraging the products will be enabled to unlock the Open Finance potential and move past it to use Open Data for boosting their customer-focused initiatives. Samantha Seaton, CEO at Moneyhub advised that the strategic partnership will allow clients to leverage consent-driven data to improve their customers’ financial lives globally, as both businesses align in terms of products and services, as well as vision and values.

Raymond den Hond, Chief Commercial Officer, Partners at MX added that they are looking forward to tapping into Moneyhub as an option to address their European clients’ needs and enable them to provide data-driven, personalised experiences and automated insights to consumers in both regions. For more information about Moneyhub, please check out their detailed profile in our dedicated, industry-specific Company Database. .