Sila, a developer of payment infrastructure as a service, and open finance provider MX have launched tokenized integration for bank account verification.
The duo has completed the implementation of MXapi Processor Tokens with Sila. This will allow Sila customers and their end users to verify bank accounts and account data more easily and securely for fraud mitigation and account balance checks.
Typical bank account verification processes still leverage manual entry or microdeposits to verify a bank account. The new solution aims to help people move towards token-based authentication.
The tokenized authentication method removes the need to share and store sensitive user data when initiating money movement. MXapi also claims it mitigates fraud and risk.
Sila clients and partners can now utilise the token-based account verification services and do account balance checks.
Sila CEO and co-founder of Shamir Karkal said, “Sila consistently strives to streamline our customers’ workflow.
“Investing our time and resources to identify the right partners and collaborating with them to deliver time and cost savings for our customers sets Sila apart. Joining forces with a partner like MX, which shares the same goals and vision, makes that even easier to achieve for Sila and our valued customers.”
Sila is a financial API developer that offers solutions for payments, identity, wallets and accounts. Some of its products include KYC/KYB, virtual accounts, ACH, fraud prevention, digital wallets and settlements.
Also speaking on the partnership, MX vice president of FinTech partnerships Corinne Bartow said, “Our MXapi Processor Tokens make it both easier and safer for our partners and clients to verify consumer financial data while avoiding the risks of handling and storing sensitive information.
“We’re thrilled to partner with Sila to expand the use of these processor tokens, improving data accessibility between MX clients and their mutual payment processor partners.”
RegTech company Alessa recently released a report around why there is a rising need for KYC within crypto. It stated that new technology is helping firms to better monitor cryptos and prevent fraud.
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