Lumin Digital, the digital banking platform for banks and credit unions, has partnered with MX Technologies to let users of partner institutions connect their bank accounts to external financial apps without sharing their login credentials.
The partnership gives financial institutions running on Lumin’s platform a standards-based way to connect customers with supported third-party financial applications. Built around modern APIs and OAuth 2.0 authentication, the integration is designed to give retail and business users greater visibility and control over how their financial data is accessed and shared.
Users will be able to see where their financial data has been shared and switch off access to individual third-party applications when they choose. Direct API connections are also intended to provide more reliable, near real-time access to linked financial services while reducing institutions’ reliance on screen scraping.
Persistent connections could also reduce the frequency with which users need to re-authenticate, helping create a smoother experience when accessing external financial applications.
The MX integration sits within Lumin FDX, Lumin Digital’s framework for standards-based financial data sharing built around specifications from the Financial Data Exchange. The framework is designed to support multiple aggregation providers at once, allowing institutions to connect consumers and businesses with a wider range of financial applications while retaining visibility over which apps can access their data.
Lumin said the approach supports the wider move away from screen scraping towards more transparent, API-based connectivity, while giving financial institutions an architecture that can evolve alongside changes to open banking rules and standards. The MX integration is being rolled out across financial institutions on the Lumin platform, with further aggregator partnerships expected in the coming months.
Lumin Digital is a growth platform for banks and credit unions. Its cloud-native, AI-accelerated system is designed specifically for the financial services sector, with a focus on increasing users, engagement, retention and revenue over time.
Lumin Digital chief product and technology officer Sean Weadock said, “The future of financial data sharing will be defined by secure APIs, consumer control, and greater interoperability. Our integration with MX strengthens Lumin’s ability to help financial institutions navigate that shift with an architecture designed to evolve alongside industry standards and regulatory expectations.”
MX chief advocacy officer and head of global public policy Jane Barratt added, “Open banking succeeds when people are in control of their financial data. By working with Lumin, we’re making it easier for financial institutions to deliver secure, consumer-permissioned connectivity that gives people greater transparency into how their data is shared and the confidence to connect with the financial tools they choose.”
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