Back to all articles
New processor tokens give end users easier and more secure ways to verify bank accounts and do account balance checks
PORTLAND, Ore. – November 9, 2022 – Sila Inc., a fintech software platform that provides payment infrastructure as a service, and MX, a leader in Open Finance, today announced that they have completed integration work of MXapi Processor Tokens with Sila. This will allow Sila customers and their end users to more easily and securely verify bank accounts and account data for fraud mitigation and account balance checks. The use of processor tokens is the latest result of the strategic partnership between Sila and MX.
Bank account verification is a key element of any account opening process. It involves verifying a customer’s name, account, balances and other details. Yet the typical process of manual entry or microdeposits to verify a bank account introduces delays and frustrates end users. As a result, the industry is moving away from error-prone methods of manually entering account and routing information to token-based authentication.
Faster and more secure than using microdeposits or relying on manual entry, tokenized authentication with MXapi Processor Tokens removes the need to share and store sensitive user data when initiating money movement. It also further mitigates fraud and risk. Now, Sila clients and partners can leverage MXapi Processor Tokens for a more convenient and flexible way to access these token-based account verification services and do account balance checks.
“Sila consistently strives to streamline our customers’ workflow,” said Shamir Karkal, CEO and co-founder of Sila. “Investing our time and resources to identify the right partners and collaborating with them to deliver time and cost savings for our customers sets Sila apart. Joining forces with a partner like MX, which shares the same goals and vision, makes that even easier to achieve for Sila and our valued customers.”
“Our MXapi Processor Tokens make it both easier and safer for our partners and clients to verify consumer financial data while avoiding the risks of handling and storing sensitive information,” said Corinne Bartow, Vice President of Fintech Partnerships at MX. “We’re thrilled to partner with Sila to expand the use of these processor tokens, improving data accessibility between MX clients and their mutual payment processor partners.”
MX Technologies, Inc., a leader in Open Finance, 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 13,000 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 us on Twitter and LinkedIn @MX or visit www.mx.com.
Sila is a fintech software platform that provides payment infrastructure as a service, a business-critical element for all companies that need to integrate with the U.S. banking system and blockchain quickly, securely, and in compliance with applicable U.S. regulation. Sila offers Virtual Accounts, Digital Wallet and ACH payments APIs for software teams. The firm was recognized as a ‘2021 best place to work in financial technology’. Sila is headquartered in Portland, Oregon. For more information go to www.silamoney.com