MX, the financial data platform and leader in modern connectivity, today announced MXdata for Business. Built on MX's industry-leading financial data platform, MXdata for Business enhances business transaction data with cleansed descriptions, business-specific categories, classifiers, merchant logos, location data, and more. MXdata for Business provides a more holistic data solution for organizations interacting with small and midsize businesses (SMBs)—which increases the effectiveness of existing revenue streams, and simultaneously identifies new revenue opportunities.
"The needs and expectations of small businesses have evolved to require more technical product offerings to help them better manage their finances and grow their business. Once they get access to standardized, actionable data, organizations can track and measure performance gaps, identify new areas of investment, and develop profiles for their business customers. As a former small business owner, I know that accurate and insightful financial data is essential to grow a business."
Brett Allred, Chief Product Officer, MX
In launching MXdata for Business, MX worked closely with Lendio, an industry leader in small business lending, who is using MXdata for Business to allow bookkeeping customers to visualize their spending habits in real-time.
"We're proud to have partnered with MX in the training and development of MXdata for Business," said Brock Blake, CEO, Lendio. "Lendio is committed to providing enhanced financial solutions to small businesses, and we believe that tools like MXdata for Business will further power growth for all organizations working with SMBs."
With MXdata for Business, organizations can:
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Enrich customer analytics and demystify spending patterns with cleansed transaction data and over 180 business-specific categories
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Develop accurate customer profiles with a clear view into preferred vendors and spending history
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Power an organization's digital business tools with accurate, insightful transaction data that helps business owners understand their financial behaviors
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Identify qualified opportunities for new business loans and shorten days to fund
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Recognize potential business accounts within the company's current retail customer base
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Improve campaign ROIs with personalized offers that cater to a business customer's specific needs.
About MX
MX, the financial data platform and leader in modern connectivity, helps organizations everywhere connect to the world's financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry's most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers.