MX fastens loan approval process for FormFree and closes more than 1mn loans

By Pavithra R

MX, a leader in open finance and creator of the Money Experience category, has announced it has implemented API and token-based connections with FormFree, a leader in digital asset verification.

Founded by former Wall Street executive Brent Chandler in 2008 FormFree is an Athens based FinTech provider of lending technologies. The FinTech’s vision is to give every consumer better financial agency and self-determination, turning the lending paradigm on its head so that borrowers are empowered. It improves lenders’ ability to make more informed decisions about borrowers and minimizes lenders’ risk while creating a seamless loan application experience for borrowers.

By using MX’s modern connections, the average aggregation time for FormFree connections decreased by 89% to 22 seconds from an average of 3 minutes and 30 seconds.

“Our experience with MX providing modern, secure connections has been world-class. We’ve experienced so many positive outcomes from this rollout, including a huge decrease in the time it takes to complete an aggregation event. We attribute that to making the move to API and OAuth-based connections,” said Brian Francis, CTO of FormFree.

MX’s modern connections tokenized, credential-free API connections built with the highest security standards help boost users’ connection rate and get lenders the necessary data. In collaboration with MX, FormFree is bolstering trust with its customers and improving satisfaction and retention. FormFree leverages MX’s Data Aggregation and Data Enhancement products to automate lenders’ verification of applicants’ identity, assets, income and employment. The alliance between the companies started in 2018.

“We share a common vision with FormFree in helping people become financially strong by giving them the right tools. In this case it’s by making it easier for lenders to access accurate permissioned data while streamlining the lending experience for the customer. Through this partnership, MX supplies permissioned financial data to FormFree’s Passport, which provides the lender and the borrower a far greater user experience. This is only possible through the quality and speed of MX’s data connectivity and the accuracy of that data,” said Nate Gardner, Chief Customer Officer of MX.

Founded in 2010, MX is a growing FinTech innovator, powering more than 2,000 financial institutions and 43 of the top 50 digital banking providers to improve the financial lives of more than 30 million people. The firm leads the industry through its secure, reliable and direct API connections to top financial institutions and most advanced enhancement engine, using AI and ML to categorize transaction data with 98% coverage. Recently, the firm partnered with Hydrogen to power the future of FinTech and Embedded finance.