MX, a leader in Open Finance, and MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies, today announced a reseller agreement to integrate MX’s Instant Account Verification (IAV) product into MeridianLink Opening to speed up and enhance the digital account opening process.
MeridianLink Opening allows consumers to open and fund new deposit accounts quickly and easily. By integrating with MX, consumers can leverage fast, reliable verification technologies to instantly provide the information they need to verify and connect their external financial accounts — which ensures a more seamless user experience, mitigates fraud and risk, and increases conversion.
“We love how MX is built for financial institutions and fintechs to deliver seamless connectivity and verifications,” said Amy Daniels, SVP, Partner Marketplace, MeridianLink. “By integrating its IAV solution into MeridianLink Opening, the consumers served by our FI clients can quickly verify their account information to fund new deposit accounts, which will reduce drop-offs during the onboarding process and ultimately help the bottom line of the institution.”
The benefits of the MX and MeridianLink integration include:
• Improved Money Movement: Eliminates reliance on microdeposits to verify an account and instantly checks account balances before a payment is processed.
• Increased Customer Satisfaction: Simplifies onboarding by giving consumers an easy way to verify information to fund new accounts. MX uses the most optimal verification methods (often via tokenized OAuth connections) to make it easy for consumers to quickly and securely connect with external financial accounts.
• Increased Conversion: Increases onboarding completions and reduces the number of drop-offs during the process, improving the bottom line for financial institutions.
• Reduced Fraud: Drastically reduces the number of fraudulent applications approved by instantly verifying information before opening and funding a new account.
“The ability to have Instant Account Verification without waiting on microdeposits is key to providing smooth and streamlined onboarding,” said Don Parker, EVP of Partnerships at MX. “We're excited that this new integration with MeridianLink will help even more financial institutions provide their customers with a better, faster experience."