CIBC Enables Wider Access to Financial Tools and Data Sharing for Clients With MX Agreement

Canadian Imperial Bank of Commerce (CIBC) has signed a data access agreement with Open Finance Fintech. MX Streamline how bank customers interact with third-party fintech applications.

The deal eliminates the need for CIBC’s 11 million clients to share bank login IDs and passwords to connect their banking information to third-party fintech applications partnered with MX.

The partnership applied application program interface (API) technology to give customers access to financial tools such as personal financial management, budget tracking, and credit building.

While some CIBC clients can use third-party applications to get a complete picture of their finances to aid in budgeting and planning, it is not possible to bring together account data from multiple financial service providers for review. Not always easy.

The bank’s contract with MX gives clients a way to access the information they need, giving them more control over their finances.

Recognizing that customers are increasingly leveraging digital channels and tools to better manage their banking and finances, our Senior Vice President of Payments Strategy and Transformation said: Chris sweet landcomments: CIBC helps clients make more informed financial decisions by enabling them to share their financial data securely and securely through the tools and apps of their choice, helping them meet their goals. make it possible to achieve

as a member of financial data exchange (FDX) is a not-for-profit organization working to unify the financial industry around common flexible and interoperable standards for secure access to user-authorized financial data, CIBC and MX are , is committed to building secure access to financial information that supports its clients.

This agreement will enable more direct API connectivity and give millions of Canadians greater control over their financial data, deciding who they share it with and for what purposes. , which benefits both clients and financial institutions. Jane ballatMX Chief Advocacy Officer.

This MX deal demonstrates CIBC’s continued investment in digital banking capabilities and client experience through partnerships and new technologies.

CIBC recently achieved the highest overall online banking customer satisfaction ranking among Canada’s “Big 5” banks. JD Power 2022 Canadian Online Banking Satisfaction Survey.

CIBC customers have access to a multitude of digital tools and features to support their daily online banking experience.