MX enables instant account verifications and enhanced data for FuturePay

Fast-Growing FinTech Company Partners with MX for Faster, More Secure Account Verifications and Transaction Cleanup for Its MyTab™ Cardless Digital Revolving Credit Platform

LEHI, Utah, July 26, 2022 /PRNewswire/ — MX, a leader in open finance, today announced that it will provide data cleansing and instant account verification (IAV) for FuturePay’s MyTab, a digital revolving credit platform for merchants. online and their customers. MyTab helps online shoppers across the United States apply for a one-time line of credit that they can use for a lifetime to make purchases from any merchant in the FuturePay network.

The MyTab solution enhances traditional credit cards and “Buy Now, Pay Later” (BNPL) offers for e-commerce transactions. Although MyTab is similar to BNPL in that it is specifically designed for e-commerce by offering instant credit decision and financing, it also provides similar attributes to credit cards such as offering payment options. flexible long-term payments with a “tab” for a line of credit of $1,000 at $5,000 that a buyer can use and reuse as long as they keep their account in good standing.

“Because we provide long-term credit, FuturePay has to be much more rigorous with customer subscription than traditional BNPL installment loan providers, which is why we chose MX,” said Tim Harris, CEO of FuturePay. “MX has an award-winning data engine to cleanse and categorize our customers’ transaction data, helping us verify people based on their consumer behavior. Our need to know their long-term financial profile is where MX will be really profitable.”

With MX, MyTab merchants can provide customers with the seamless e-commerce experience they expect and ensure they can accurately confirm their identity and financial information through seamless connections to financial data. FuturePay also plans to leverage MX for additional data insights, such as creditworthiness, to drive even more sophisticated credit underwriting for e-commerce merchants and their customers.

“This integration demonstrates our shared commitment to propelling the open financial economy by enabling our customers to seamlessly connect consumers with financial products to meet their needs, unlocking new ways to shop, supported by improved data. and IAV of MX,” said Raymond den Hond, executive vice president of customer experience, MX. “FuturePay offers a flexible, long-term financing option for online shoppers that is an attractive alternative to BNPL and traditional credit cards.”

To learn more about becoming an MX Partner, please visit www.mx.com/partners or contact the team at [email protected].

About MX
MX Technologies, Inc., a leader in open finance, helps organizations around the world connect to global financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent, personalized financial experiences. MX connects over 13,000 financial institutions and fintechs, providing the most reliable and secure data connectivity network in the industry. 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 us on Twitter and LinkedIn @MX or visit www.mx.com.

About FuturePay
Based at South Jordan, Utah, FuturePay Holdings Inc. is the provider of MyTab™️, an innovative digital revolving credit platform that offers a secure, cost-effective, and easy-to-implement cardless financing option for e-commerce merchants and their customers. Unlike traditional Buy Now Pay Later platforms that provide installment loans for a single purchase, FuturePay customers apply once for a revolving line of credit that they can use and reuse over the long term for purchases on n’ any website that accepts MyTab as a payment method. For more information, visit www.futurepay.com.

Contact:
Tom Cook
[email protected]

SOURCEMX