Moneyhub and MX Partner to Provide Open Banking Solutions Around the World

Moneyhub and MX Technologies have announced a strategic partnership to leverage each company’s capabilities and networks to promote open finance for organizations and consumers in Europe and North America.

Moneyhub is a data and payments platform built on the principles of open banking and open finance, and MX is a leader in open finance in North America, the companies said in a Wednesday (July 5) press release.

The partnership between Moneyhub and MX aims to drive the adoption of open finance across the globe, shifting the industry and making personalized money experiences powered by consumer-permissioned data sharing and actionable insights available to users worldwide.

“Both businesses are well aligned in terms of not only our products and services but also our vision and values,” Moneyhub CEO Samantha Seaton said in the release. “We’re thrilled that we can, via this partnership, offer our current and future clients even greater opportunity, and are excited to work alongside MX to create better outcomes for consumers. And with finances stretched globally it has never been a more important time to focus on financial well-being.”

With this partnership, Moneyhub and MX customers around the world both have access to real-time data and insights that help them to optimize their savings and investments, track their spending, reduce expenses and pay down debt, according to the press release.

As part of the referral partnership, Moneyhub can now refer clients to MX for support in North America, while MX can refer clients to Moneyhub for open finance solutions in European markets.

“MX and Moneyhub share the belief that consumer-permissioned data sharing is critical to the future of our industry and we have an inherent responsibility to improve the money experience for consumers,” MX Chief Commercial Officer, Partners Raymond den Hond said in the release. “Through this partnership, we’re excited to tap into Moneyhub as an option to meet the needs of our clients who also operate in Europe, enabling them to deliver data-driven, personalized experiences and automated insights to consumers in both regions.”

In another recently announced pairing, Visa said June 28 that it is planning to acquire Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash. This acquisition, which is expected to close by the end of the year, pending regulatory approvals, will allow Visa to expand its solutions for financial institutions and FinTech clients, offering them more differentiated core banking and issuer solutions.

This acquisition comes after Visa’s previous purchase of Tink, an open banking platform, to enhance consumer benefits and control over finances.

The partnership of MX and Moneyhub that aims to improve the “money experience” of consumers comes at a time when a study conducted by Charles Schwab found that Americans believe having a net worth of $2.2 million is the benchmark for being considered wealthy. However, the study also revealed that few consumers have a financial plan in place to reach that $2.2 million threshold.

In an interview posted June 28, Sezzle CEO Charlie Youakim told PYMNTS’ Karen Webster that credit, including buy now, pay later (BNPL), can be a tool leveraged to help consumers manage their spending and get on the path to that $2.2 million goal.