MX speeds up loan approval process for FormFree and closes over 1 million loans

MX speeds up loan approval process for FormFree and closes over 1 million loans

By Pavithra R

MX, a leader in open finance and creator of the Money Experience category, announced that it has implemented API and token-based connections with FormFree, a leader in digital asset verification.

Founded by former Wall Street executive Brent Chandler in 2008, FormFree is an Athens-based FinTech loan technology provider. The vision of FinTech is to give every consumer a better financial agency and better self-determination, by disrupting the lending paradigm so that borrowers are empowered. It improves the ability of lenders to make more informed decisions about borrowers and minimizes lender risks while creating a seamless loan application experience for borrowers.

Using modern MX connections, the average aggregation time for FormFree connections decreased 89% to 22 seconds, from an average of 3 minutes and 30 seconds.

“Our experience with MX providing modern and secure connections has been world class. We have seen so many positive results from this deployment, including a huge decrease in the time it takes to complete an aggregation event. We attribute this to the shift to API and OAuth connections, ”said Brian Francis, CTO of FormFree.

MX’s modern logins, login-less and login-less API logins, built with the highest security standards, help increase user login rates and provide lenders with the necessary data. Together with MX, FormFree builds trust with its customers and improves satisfaction and retention. FormFree leverages MX’s data aggregation and enhancement products to automate lender verification of candidate identity, assets, income and employment. The alliance between companies started in 2018.

“We share a common vision with FormFree to help people become financially strong by giving them the right tools. In this case, it’s about making it easier for lenders to access precise authorized data while streamlining the lending experience for the client. Through this partnership, MX provides authorized financial data to FormFree’s Passport, which provides the lender and borrower with a much better user experience. This is only possible because of the quality and speed of MX’s data connectivity and the accuracy of that data, ”said Nate Gardner, MX Customer Director.

Founded in 2010, MX is a growing FinTech innovator, powering more than 2,000 financial institutions and 43 of the top 50 digital banking providers to improve the financial lives of over 30 million people. The company leads the industry with its secure, reliable and direct API connections to leading financial institutions and the most advanced improvement engine, using AI and ML to categorize transaction data with 98% coverage . Recently, the firm in partnership with Hydrogen to propel the future of FinTech and integrated finance.