SAN FRANCISCO--(BUSINESS WIRE)--Pentadata Inc., leading the industry with the first fully secured API-based financial data platform, today announced it has signed an open banking data agreement with MX, the financial data platform and leader in modern connectivity. The two organizations have created a partnership based on a shared commitment to data sharing that puts consumers in control.
MX contributes to Pentadata’s mission to serve consumers accessing rewards, cash-back, and card-linking programs with modern, API-based connections.
“This partnership with Pentadata illustrates our shared commitment to providing consumers with secure and reliable access to their financial data,” said Don Parker, Executive Vice President of Partnerships, MX.
“MX shares Pentadata’s honest and transparent approach to securing consumer financial data,” said Pietro Grandinetti, Ph.D., President and Chief Technology Officer of Pentadata. “We are pleased to work together with the MX development team, providing our clients with the secure, encrypted, consumer-permissioned APIs the market is increasingly looking for.”
Pentadata leverages secure, encrypted, consumer-permissioned APIs with leading banks, payment processors, payment networks and data platforms in the US and Canada —taking a consumers-first approach to the financial experience while avoiding the security pitfalls of screen scraping.
Unauthorized mining of data is a widespread and damaging practice, allowing everyone except the consumer to profit, according to Grandinetti. “Enlightened industry players are moving away from harvesting data in this manner, moving instead toward putting data ownership where it belongs—with the consumer,” he said.
Pentadata believes a transparent approach to commerce makes the world a better place. The tenets of its API development platform require consumers’ permission before their data is used; encourages developers to access multiple data sources to protect consumers; builds analytical tools to provide insight needed to provide meaningful offers; and requires consumer data is never stored. To learn more, visit www.pentadatainc.com.
MX, the financial data platform and leader in modern connectivity, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more, follow MX on Twitter @MX or visit www.mx.com.