Finance company EDGE teams up with MX to enhance cash flow analysis with more intelligence
In a groundbreaking move, **EDGE** and **MX Technologies** have joined forces to revolutionize cashflow analytics for lenders in the United States and Canada. This strategic partnership integrates MX's advanced account aggregation and verification capabilities with EDGE's existing risk assessment solutions.
The integration promises several significant improvements, starting with higher connection success rates. With MX's technology, EDGE can achieve better account connections with fewer user drop-offs, ensuring that lenders capture more accurate and complete financial data from consumers.
MX's comprehensive coverage of demand deposit accounts across the U.S. and Canada, including direct connections to more than 75% of accounts, ensures that EDGE can access higher fidelity, real-time cashflow data. This leads to maximized data quality, a crucial factor in making informed lending decisions.
The partnership also aims to improve lead-to-loan conversion rates. With stronger and more reliable data connections, lenders experience increased conversion rates from loan leads to actual loan originations based on robust cashflow insights.
Enhanced risk assessment is another key benefit. The integration allows lenders—including credit unions, fintechs, and consumer lenders—to assess borrower risk more accurately by having a complete and verified financial picture. This reduction in uncertainty and potential lowering of credit risk can lead to more responsible lending practices.
Brian Reshefsky, CEO of EDGE, expressed his excitement about the collaboration, stating that it boosts EDGE's ability to provide trusted analytics that drive more origination with smarter, data-backed lending decisions. This partnership, he believes, advances financial inclusion by enabling lenders to make faster, more reliable, and more inclusive credit decisions through superior cashflow underwriting.
EDGE, the first cashflow consumer reporting agency (CRA), prides itself on its longstanding commitment to industry-leading data security, privacy, transparency, and inclusion. MX's streamlined connectivity experience for consumers, combined with high security standards, further strengthens EDGE's position in these areas.
MX's mission to empower financial institutions, fintechs, and consumers to improve financial outcomes aligns perfectly with EDGE's goals. Together, they aim to improve EDGE's account connection success rates, providing a brighter future for consumers seeking credit and financial success.
[1] Further Reading: American Express has also signed an API-enabled data access agreement with MX Technologies. [3] Further Reading: EDGE's cashflow attributes and scores are built on the industry's only data lake of banking activity data and corresponding loan outcomes.
- This partnership between EDGE and MX Technologies is projected to bolster openbanking analytics, enabling fintechs and lenders to obtain higher quality, real-time cashflow data.
- With the integration of MX's technology, EDGE can expect increased partnerships and collaborations in the fintech sector, expanding its reach in the United States and Canada.
- Leading financial institutions, credit unions, and consumer lenders can leverage this collaboration to gain better insights into borrower risk and make more secure, responsible lending decisions.
- By combining MX's advanced account aggregation capabilities with EDGE's risk assessment solutions, the partnership aims to boost data-driven lending and bring about improvements in fintech industry analytics.
- The convergence of EDGE's data security, privacy, and transparency standards with MX's streamlined consumer connectivity experience will fortify the duo's commitment to fostering technological advancements in the finance business.
