Backbase Partners with MX for PFM and Account Aggregation

Two leading Fintech innovators join forces in North America.

07 APRIL 2015, NEW YORK, NY / SILICON SLOPES, UT
Summary
Backbase, the next generation digital banking software vendor, and MX, the fintech provider behind award-winning digital money management (DMM) and personal finance management (PFM) software, today announced a new partnership to enrich digital banking experiences for community and regional financial institutions in North America.

Under the partnership agreement, Backbase will leverage MX’s financial data API (Nexus) and financial data aggregator (Hydra); both will be available via the Backbase Open Banking Marketplace to integrate directly into Backbase DBP, the award winning omni-channel digital banking platform of Backbase.

The alignment of these two Finovate Best of Show winners combines several compelling and capable solutions to advance innovation, product adaptability and user experience for Backbase’s digital banking customers. The Nexus and Hydra products offered by MX cleanse and categorize transaction feeds, amplify account aggregation capabilities, and improve user alert functionality; adding strong value and increased accuracy to the existing Backbase platform – improving overall functionality and providing a superior digital banking platform.

“Our partnership with Backbase demonstrates a combined interest in providing institutions with the industry-leading tools they need to provide customer-centric money management experiences. Backbase’s talented team has developed award-winning, optimized solutions centered around an institution’s digital strategy, a critical focus for institutions right now,” said Ryan Caldwell, Founder and CEO of MX. “We’re thrilled to provide Backbase a more agile API and robust aggregation solution for their platform – which will increase MX’s ability to deliver even more value for millions of additional end-users.”

“Our decision to partner with MX came from a shared vision of how we see the industry moving forward; MX offers industry-leading PFM solutions and their focus on creating the best customer experience is very much aligned with what we deliver in our digital banking solution,” said Jouk Pleiter, CEO & Co-Founder of Backbase. “By adding MX to our Open Banking Marketplace and offering easy integration between our digital banking solution and MX’s platform we are able to offer North American FI’s a powerful solution to upgrade their outdated digital banking stacks.”

About MX

MX is fundamentally changing how people interact with their money by enabling its partners to become true advocates for their customers. MX is redefining the way financial institutions connect with account holders by enabling its partners to deliver omni-banking technologies that create and support a true centralized, powerful and engaging omni-channel experience. As one of the fastest-growing financial technology providers, MX drives customer-centric banking relationships by offering a platform upon which online banking partners, mobile banking partners and financial institution partners can create and deliver a next generation banking application and customer experience. By doing so, MX positions banks and credit unions at the forefront of the digital banking revolution and as account holders’ primary financial institution. MX is headquartered in the heart of Utah’s Silicon Slopes and is currently partners with hundreds of financial institution partners and more than 30 mobile/online banking, core, and payment network partners.

About Backbase

Backbase helps Financial Institutions around the world to become Digital Leaders and enables them to put digital channels at the core of their business model. Our award winning Backbase DBP solution is a customer-centric digital banking platform that delivers seamless customers experiences across multiple devices and streamlines omni-channel customer journeys. Backbase DBP comes in optimized editions for retail banking, commercial banking, and wealth management.

Industry analysts Gartner and Forrester recognize Backbase for its strong vision and solid customer experience management and cross-device delivery capabilities. At the same time Backbase is named by Ovum as market leader in delivering next-generation digital banking solutions.

Backbase’s next generation digital banking platform enables FI’s to drive self-service, fuel online sales and create superior customer experiences across all digital touch points. Over 50 large Financials around the world have standardized on the Backbase platform to drive and accelerate their digital transformation, including ABN AMRO, AIG, Al Rajhi Bank, Barclays, Bank Hapoalim, CheBanca!, Fidelity, GE, Hiscox, ING, Legal & General, KeyBank, Nationwide, Nordstrom, OTP Bank, PostFinance, PZU, Sberbank, SwissCard, SwissRe and Visa.

Backbase was founded in 2003 and is privately funded with operations in New York, Atlanta, Amsterdam and London.

Quotes
"Our partnership with Backbase demonstrates a combined interest in providing institutions with the industry-leading tools they need to provide customer-centric money management experiences. Backbase’s talented team has developed award-winning, optimized solutions centered around an institution’s digital strategy, a critical focus for institutions right now. We’re thrilled to provide Backbase a more agile API and robust aggregation solution for their platform – which will increase MX’s ability to deliver even more value for millions of additional end-users." Ryan Caldwell, Founder and CEO of MX
"Our decision to partner with MX came from a shared vision of how we see the industry moving forward; MX offers industry-leading PFM solutions and their focus on creating the best customer experience is very much aligned with what we deliver in our digital banking solution. By adding MX to our Open Banking Marketplace and offering easy integration between our digital banking solution and MX’s platform we are able to offer North American FI’s a powerful solution to upgrade their outdated digital banking stacks." Jouk Pleiter, CEO & Co-Founder of Backbase
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About Backbase

Backbase is a fast growing fintech software provider that empowers financial institutions to accelerate their digital transformation and effectively compete in a digital-first world.

We are the creators of the Backbase Omni-Channel Banking Platform, a state-of-the-art digital banking software solution that unifies data and functionality from traditional core systems and new fintech players into a seamless digital customer experience. We give financials the speed and flexibility to create and manage seamless customer experiences across any device, and deliver measurable business results. We believe that superior digital experiences are essential to stay relevant, and our software enables financials to rapidly grow their digital business.

More than 80 large financials around the world have standardized on the Backbase platform to streamline their digital self-service and online sales operations across all digital touchpoints. Our customer base includes Al Rajhi Bank, ABN AMRO, Barclays, CheBanca!, Credit Suisse, Fidelity, Hapoalim, HDFC, Hiscox, ING, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.

Industry analysts Gartner, Forrester and Ovum recognize Backbase as an industry leader in terms of omni-channel banking platform capabilities, and award the company high marks for its deep focus on customer experience management and unparalleled speed of implementation. Forrester named us a leader in the Forrester Wave for Omni-Channel Banking.

Backbase was founded in 2003, is privately funded, with headquarters in Amsterdam (HQ Global) and Atlanta (HQ Americas) and regional operations in London, Mumbai and Singapore.

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