Ahrvo Labs integrates MX Technologies’ solutions

US-based Ahrvo Labs has integrated MX Technologies’ connectivity and data solutions to “enhance” its identity verification and transaction management systems for clients.

Financial institutions and payment providers using Ahrvo for Know Your Customer (KYC) and Know Your Business (KYB) processes will be able to access MX’s ‘Instant Account Verification’, ‘Account Owner Identification’, ‘Account Aggregation’ and ‘Data Enhancement’ solutions to help with identity verification and to reduce transaction risk.

Through the partnership, US consumers and small businesses can securely connect and verify their account information, as well as provide access to their transaction history spanning 24 months, with their consent.

Financial providers that use the Ahrvo Labs ‘Portable Identity Gateway’ will gain further insights into user risk and account balances based on consumer-permissioned data aggregated by MX, which will inform decision-making prior to initiating fund transfers.

Not only does the integration with MX simplify the KYB and KYC processes for financial services providers, but it also ensures the “permissioning” of more accurate information.

Appo Agbamu, chief executive officer of Ahrvo, said: “By integrating MX’s cutting-edge capabilities into our systems, we are enabling payment and banking providers to make more informed decisions, while leveraging Ahrvo Labs’ 20-plus identity, document, and transaction management systems to streamline onboarding and client lifecycle management for individuals and businesses in the United States.”

“Ahrvo shares MX’s commitment to innovation and excellence across the financial services industry,” added Raymond den Hond, chief commercial officer, partners at MX.

“This strategic partnership enables financial providers to stay ahead of KYC/B requirements and significantly enhances how organisations manage and mitigate identity and transaction risk.”

MX Technologies recently expanded its agreement with US fintech Jack Henry to enable consumer-permissioned data sharing across more than 800 financial institutions.

Through the partnership, Jack Henry will be able to replace inbound screen scraping on its ‘Banno Digital Banking Platform’.