American Express has signed a new application programming interface (API) technology-driven data access partnership with MX Technologies to expand digital finance management for customers.
The collaboration will enable American Express customers to securely connect their accounts with third-party financial institutions and fintech apps through MX, providing improved tools for managing both personal and business finances.
American Express’s account financials API integration with MX’s suite of financial applications will also grant customers increased control and transparency over their data permissions.
American Express enterprise data governance and platforms senior vice president Danielle Cloud said: “This agreement underscores American Express’ investment to providing more secure and seamless digital experiences for an increasingly digital customer base.
“With MX’s integration into our API, we’re empowering consumers and small business owners to better manage their financial lives without compromising the security and transparency they expect from American Express.”
By utilising American Express’s secure authentication processes, customers can share account data without needing to disclose credentials, enhancing both data accuracy and the speed of financial data access.
The account financials API uses the OAuth2 protocol to allow secure data-sharing, keeping user credentials private while providing several key benefits. Customers will experience strengthened security.
It also ensures real-time, customer-directed information sharing, enabling data reliability across connections.
Additional benefits include increased control and visibility over data-sharing with financial service provider apps, allowing customers to monitor where their data is sent and what information is shared.
Moreover, improved connection stability means easier, more seamless sign-on with fewer disruptions and longer-lasting access to linked accounts.
Based in the US, MX Technologies offers end-to-end solutions for financial institutions and fintechs, enabling them to connect to, understand, and act on customers’ financial data.
MX Technologies chief advocacy officer and global public policy head Jane Barratt said: “At MX, we’ve continually been on the forefront of helping financial institutions and fintechs provide ways for consumers to securely access, share, and manage their data to improve their financial outcomes.
“We’re thrilled to partner with American Express to help them meet customer demand for permissioned data sharing.”
