MX enables instant account verification and advanced data for FuturePay
The MyTab solution enhances traditional credit cards and Buy Now, Pay Later (BNPL) offers for e-commerce transactions. While MyTab, like BNPL, is specifically designed for e-commerce by offering instant credit decisions and financing, it also offers features similar to credit cards, such as: B. Offering flexible long-term payment options with a “tab” for a line of credit from $1,000 to $5,000 which a buyer can use and reuse as long as they keep their account in good standing.
“Since we offer long-term loans, FuturePay has to be much stricter when it comes to underwriting customers than traditional BNPL installment loan providers, which is why we chose MX,” he said Tim Harris, CEO of FuturePay. “MX has an award-winning data engine to cleanse and categorize our customers’ transactional data, helping us screen people based on their consumer behavior. Our need to know their financial profile over the long term is where MX really pays off.”
With MX, MyTab merchants can offer their customers the frictionless e-commerce experience they expect and ensure they can accurately confirm their identity and financial information with seamless financial data connections. FuturePay also plans to use MX for additional data insights, such as to leverage even more sophisticated lending for e-commerce merchants and their customers.
“This integration demonstrates our shared commitment to powering open finance, by enabling our customers to seamlessly connect consumers to financial products to meet their needs and opening up new ways to shop, powered by enhanced data and IAV from MX,” said Raymond den Hond, EVP Customer Experience, MX. “FuturePay offers online shoppers a flexible long-term financing option that represents an interesting alternative to BNPL and traditional credit cards.”
To learn more about becoming an MX partner, please visit www.mx.com/partners or contact the team at [email protected].
MX Technologies, Inc., a leader in open finance, helps organizations around the world connect to the world’s financial data and transform raw, unstructured data into its most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 13,000 financial institutions and fintechs and offers the most reliable and secure data connectivity network in the industry. 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 us www.mx.com.
headquarters in Southern Jordan, Utah, FuturePay Holdings Inc. is the provider of MyTab™️, an innovative digital revolving credit platform that offers e-commerce merchants and their customers a secure, affordable, and easy-to-implement cardless financing option. Unlike traditional “buy now, pay later” platforms that offer installment credit for a single purchase, FuturePay customers apply for a one-time revolving credit line that they can use long-term to make purchases on any website that accepts MyTab as a payment method. For more information visit www.futurepay.com.