2022 Fintech and Funding Conference (FFCON22: REGEN) | Dec 1 + Dec 6, 2022 Hybrid

CIBC Partners with U.S. Fintech to Enable Open Banking API

Betakit |

CIBC - CIBC Partners with U.S. Fintech to Enable Open Banking APIThe Canadian Imperial Bank of Commerce (CIBC) has entered a data access agreement with Utah-based FinTech company MX to provide its clients a seamless way to share financial information.

By using MX’s application program interface technology (API), CIBC said its 11 million clients will no longer need to share their banking credentials to connect their banking information with third-party applications that partner with MX, such as personal financial management, budget tracking, and credit-building tools.

Founded in 2010 by Ryan Caldwell and Brandon Dewitt, MX combines open finance APIs with financial data to securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting.

CIBC is the latest member of Canada’s Big Six banks to partner with a United States-based FinTech firm to launch what is essentially a private application of open banking.

See:  CIBC Innovation Banking Announces $1.5 Billion Growth Capital Commitment

CIBC partner MX plays in a space that is beyond open banking, calling itself an open finance company. Open finance, according to MX, is an extension of open banking. According to an MX blog post, open finance enables access and sharing of consumer data to more financial products and services beyond banking. This includes loans, consumer credit, investments, and pensions. It also enables wider integration of financial data with non-financial industries, such as healthcare and government.

Financial Data Exchange managing director Don Cardinal published an article through Forbes in May, describing open finance as what open banking “wants to be when it grows up.”

According to LinkedIn, MX’s workforce sits north of 900 people, with some, including its director of open finance Andrew Escobar, based in Canada. It works with financial institutions and FinTechs such as H&R Block, MetLife, Gemini, U.S. Bank, WaFd Bank, and BECU.

Continue to the full article --> here


NCFA Jan 2018 resize - CIBC Partners with U.S. Fintech to Enable Open Banking APIThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - CIBC Partners with U.S. Fintech to Enable Open Banking APIFF Logo 400 v3 - CIBC Partners with U.S. Fintech to Enable Open Banking APIcommunity social impact - CIBC Partners with U.S. Fintech to Enable Open Banking API

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - CIBC Partners with U.S. Fintech to Enable Open Banking API




 

Leave a Reply

Your email address will not be published. Required fields are marked *

fourteen − seven =