Open Banking solutions provider Trustly has partnered with MX Technologies to leverage its data enhancement services.
MX’s technology will enhance Trustly’s Open Banking product suite, providing more than 8,300 global merchants with access to better consumer shopping and underwriting experiences.
With Trustly’s Pay with Bank feature, consumers can make payments directly from their bank accounts, offering a fast and secure payment method. Merchants can benefit from this efficient payment solution, creating improved experiences for their customers while reducing costs.
By integrating MX Data Enhancement, Trustly can now offer merchants “cleansed and categorised” consumer-permissioned transaction data. In turn, merchants can better understand customer needs and preferences, leading to more personalised marketing offers and loyalty programs.
Jim Magats, chief executive officer of MX Technologies, called data without context “meaningless”.
“With our comprehensive suite of data enhancement services, MX turns raw, and often indecipherable, transaction data into simple, human-readable descriptions, making it easy to identify, organize, and act on financial data,” Magats said.
This collaboration equips merchants with the tools to deliver personalized experiences at scale, according to both Trustly and MX.
Trustly’s chief executive officer Alexandre Gonthier, added: “We are continually focused on how we can enhance value for our merchants and ultimately, their consumers.
“With MX, we found a partner that not only delivers world-class data enhancement solutions but shares our commitment to improve consumer experiences.”
It follows hot on the heels of the news earlier this month that MX has expanded its agreement with fintech Jack Henry to enable consumer-permissioned data sharing across more than 800 financial institutions.