Payment and banking infrastructure provider Sila has partnered with MX, an open banking infrastructure provider, to integrate “MXapi Processor Tokens” with Sila. 

The partnership enables Sila customers to automate the bank account (and account data) verification process for fraud mitigation and balance checks. Bank account verification included verifying several elements including the customer’s name, account, and balances among other details. 

Analyst quicktake: Earlier this year, payment infrastructure provider Qolo partnered with MX to enable FinTechs and neobanks to fast-track the development of mobile banking solutions (such as managing accounts, making deposits, and moving money). Moreover, Qolo also had plans to develop fraud detection tools by leveraging MX’s open banking platform.