MX, a provider of network connectivity and data enhancement for financial institutions, fintechs and other organizations, has implemented API and token-based connections with FormFree, a provider of digital asset verification.
By using MX’s connections, the average aggregation time for FormFree connections decreased by 89 percent to 22 seconds from an average of 3 minutes and 30 seconds, the companies said in a release.
“Our experience with MX providing modern, secure connections has been world-class,” said Brian Francis, CTO of FormFree. “We’ve experienced so many positive outcomes from this rollout, including a huge decrease in the time it takes to complete an aggregation event. We attribute that to making the move to API and OAuth-based connections.”
FormFree leverages MX’s data aggregation and data enhancement products to automate lenders’ verification of applicants’ identity, assets, income and employment. MX’s tokenized, credential-free API connections help boost users’ connection rate and get lenders the necessary data quickly, the company said.
“We share a common vision with FormFree in helping people become financially strong by giving them the right tools. In this case it’s by making it easier for lenders to access accurate permissioned data while streamlining the lending experience for the customer,” said Nate Gardner, chief customer officer of MX. “Through this partnership, MX supplies permissioned financial data to FormFree’s Passport, which provides the lender and the borrower a far greater user experience. This is only possible through the quality and speed of MX’s data connectivity and the accuracy of that data.”