American Express and MX Technologies have formed an API-powered data access agreement, enabling secure connections between American Express accounts and third-party financial institutions or fintech apps.
This integration provides American Express customers with greater control and transparency over how they share their financial data, using secure authentication without needing to share credentials.
The move aims to improve digital banking experiences by offering increased security, reliability and transparency, enabling customers to better manage their finances while maintaining privacy and data security.
“This agreement underscores American Express’ investment to providing more secure and seamless digital experiences for an increasingly digital customer base,” said Danielle Cloud, senior vice president, enterprise data governance and platforms, American Express.
“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.”
Sharing data
American Express’ Account Financials API enables customers to share their financial data while maintaining the privacy of their credentials. The API offers several key benefits to American Express customers, including strengthened security through the OAuth2 protocol, which gives users control over where and how their financial information is accessed and shared. It also provides greater reliability by enabling real-time sharing of customer-directed account information.
Additionally, the API boosts control and transparency, enabling customers to manage their connections to financial service provider apps and gain better visibility into where and what data they share. The integration ensures more seamless sign-on with stable connections and fewer disruptions, enabling longer-lasting access.
“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,” Jane Barratt, chief advocacy officer and head of global public policy, MX, also added. “We’re thrilled to partner with American Express to help them meet customer demand for permissioned data sharing.”
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