In reply to Philip Cohen.

Philip,
You should not be dogmatic when you are an outsider and not privy to the facts.
MCX does not access the Customers Bank account in the way you believe. They have not announced the actual way they do it, because I provided it to them under an NDA in 2012. This is their "Secret Sauce" and my proprietary design solves all the problems you identify.
Have a look at US Patent 7,483,858 and you will some insight of how MCX actually works.