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Fiserv, Inc. (NASDAQ: FISV) and MX are joint recipients of the Tearsheet 2022 Data Innovation Award, underscoring the companies’ roles as leaders in open finance. Fiserv and MX were recognized for enabling consumers to securely and reliably share financial data with their favorite apps or services through direct connections, eliminating the need to share personal credentials such as usernames and passwords with third parties.
The award was presented as part of Tearsheet's DataDay Awards 2022, which recognize and celebrate the best data products, services, and brands powering the modern financial system.
“Fiserv and MX are advancing the future of open finance through secure data sharing,” said Justin Jackson, Head of Product for Digital Payments at Fiserv. “By providing direct connections and eliminating the need for credential sharing we are empowering consumers to confidently use the apps and tools that make their lives more convenient, without putting their personal information at risk.”
MX accesses tokenized consumer data via AllData® Connect from Fiserv, a part of the AllData Aggregation product suite, which provides Fiserv financial institution clients with a secure portal through which consumers can agree to share their financial data with third-party apps. Instead of requiring consumers to authenticate their financial institution accounts with third-party providers by sharing their private credentials, AllData Connect issues an identifying token in place of the consumer’s username and password. The third party can then provide that token to the financial institution to access the consumer’s data.
“Together, we’re committed to building a more connected, frictionless, and secure financial ecosystem that delivers the interactions consumers seek, while prioritizing data privacy, consumer access and choice,” said Don Parker, Executive Vice President of Partnerships at MX. “Thank you to Tearsheet for the recognition and Fiserv for their continued partnership.”
Fiserv previously won Tearsheet’s 2021 Data Innovation Award and was named Data Company of the Year in 2020. MX previously won Tearsheet’s 2021 Best Data Aggregator / Fintech Partnership and was named Digital Transformation Leader of the Year in 2020.
In a world moving faster than ever before, Fiserv continues to help clients deliver solutions in step with the way people live and work today. Learn more at fiserv.com.
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