CIBC partners MX for fintech customer data access agreement
Canadian banking heavyweight CIBC has entered into a data access agreement with B2B data exchange MX.
The arrangement will allow CIBC’s 11 million customers to securely share their financial data with third-party fintechs via an API, rather than using their online banking ID and password.
Sharing their financial data with third party fintechs and the services they provide, CIBC says, will allow customers to take a more holistic view of their finances.
MX chief advocacy officer Jane Barratt says: “This agreement will result in more direct API connections, which provides millions of Canadians greater control of their financial data to decide who they share their data with and for what purposes, which benefits both clients and financial institutions.”
The fintech applications that CIBC customers will be able to utilise cover a range of financial services including financial management, budget planning and credit-building tools.
CIBC’s SVP for payments strategy and transformation, Chris Sweetland, says: “By providing clients with the ability to securely and reliably share their financial data with the tools and apps they prefer, CIBC is supporting them to make more informed decisions about their finances.”
Both parties are members of FDX, a non-profit organisation that aims to bring together financial services around a “common, flexible, interoperable standard” for the secure access of user-permissioned financial data.