US-based American Express has announced an API-powered data access agreement with MX Technologies that provides new digital banking options, giving customers greater control over where and how their American Express account data is permissioned and shared.
According to American Express, its customers will now be able to better manage their personal finances and business expenses via secure connections of their American Express accounts with third-party financial institutions and fintech apps through MX.
By using American Express’ secure authentication procedures, the new integration removes the need for credential sharing, thereby improving the accuracy and reliability of data, and accelerating financial data access.
American Express’ Account Financials API is supported by the OAuth2 protocol, ensuring customers maintain the privacy of their user credentials, while controlling where and how their financial information is being accessed and shared.
“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 at 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.”
Another feature of the new integration is that connections are more stable with fewer disruptions, and may last for longer periods, which in turn, enables easier sign-on.
“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,” added Jane Barratt, chief advocacy officer and head of global public policy at MX.
“We’re thrilled to partner with American Express to help them meet customer demand for permissioned data sharing.”
Further reading: Trustly collaborates with MX in personalisation push
