Our MX pricing guide has all the details on this financial data management platform, including its main features, what it costs, and an impartial comparison with alternative vendors. On top, find out how Vertice can help your organization at every stage of the procurement cycle, ultimately saving you money through reduced SaaS spend.

What MX can do for you 

MX, formerly known as MoneyDesktop, is a financial data management platform predominantly aimed at legacy financial institutions, fintech startups, and other players in the financial services industry. 

The platform has three main products — Connectivity, Data, and Experience. Together, these solutions allow organizations to connect financial accounts, leverage transactional data insights, and build money experiences with bespoke APIs and other tools. 

The MX price unlocks over 15,000 connections with financial institutions and fintech businesses, providing a versatile toolkit for building innovative financial applications along with a comprehensive dataset providing insights into user behavior and financial health. 

To get a better idea of exactly how MX can benefit your organization, here’s a look at some of the platform’s features and use cases: 

• Account opening – Build streamlined and frictionless account opening processes leveraging MX’s secure and verified financial data. Validate new bank accounts via direct OAuth connections, minimizing the need for microdeposits.   
• Customer intelligence – Gain deeper customer insights with categorized transaction data and a holistic view of spending behaviors, patterns, and preferences. These dashboards help organizations build personalized financial experiences, increasing engagement, customer retention, and growth. 
• Digital banking – Empower consumers with tailored, data-driven money experiences to help them realize their financial goals on next-gen digital banking platforms. Features include AI-powered actionable insights, account aggregation, real-time balance updates, and streamlined mobile banking software building tools.  
• Financial wellness – Create personalized insights and recommendations to help customers achieve better financial wellness. The MX platform provides customizable widgets and out-of-the-box tools that help organizations create frameworks for users to create budgets, automate savings, and manage debt.  
• Fraud and risk management – Leverage robust fraud prevention solutions, protecting consumers with tokenized connections, real-time verifications, and transaction data cleansing.
• Loan origination and processing – The MX platform supplies lenders with information far beyond conventional credit scores. This enables more personalized lending offers while simultaneously reducing friction and streamlining the loan application process.   
• Open Finance – Allow consumers to obtain a 360-degree view of their entire financial landscape with Open Finance solutions to seamlessly link accounts to other third-party platforms. MX can provide solutions built to be at least 80% market-ready, enabling integration and implementation within six weeks. 
• Payment verifications – Verify financial data to ensure a smooth payments process for customers with minimal risks. Leverage MX’s comprehensive financial data connections for seamless payments without fees. 

MX pricing structures and tiers

MX pricing is not disclosed publicly. This is a common theme in SaaS procurement, as withholding exact pricing information helps the vendor maintain a competitive edge during negotiations. Costs for MX will depend on the exact functionality you require. Here’s a more detailed look at each individual product within the platform.  

MX pricing – Connectivity

MX’s Connectivity suite acts as the bridge between financial institutions, fintech companies, and new financial applications. 

Organizations can leverage Open Finance APIs to connect and verify financial data, while MX’s account aggregation solutions help consumers gain a centralized view of their financial accounts. 

MX Connectivity includes three main solutions: 

• Instant account verification – Streamline onboarding and reduce fraud risk with MX’s fast and secure verification process. 
• Account aggregation –  Help consumers unify their financial landscape with secure and easy account aggregation. 
• Balance checks – Reduce overdraft fees and declined payments with real-time balance checks.  
• Data access – Leverage a secure Open Finance-powered Data Access API adhering to FDX standards, helping consumers connect financial data without impacting security or compliance. 

MX pricing – Data

With MX Data, organizations can harness advanced data enhancement and AI-driven insights to help build personalized customer experiences and optimize internal business processes. 

Check below for the main Data capabilities: 

• Customer analytics – Utilize pre-built dashboards for segmentation and data-driven insights derived from aggregated and enhanced transaction data. 
• Data enhancement – The comprehensive MX data enhancement suite enables financial providers and consumers to make sense of raw and unrefined transactional data.  

MX pricing – Experience

The MX Experience product combines the Data and Connectivity capabilities to deliver innovative and highly customizable money experiences for consumers. Organizations can leverage ready-made APIs and other tools to quickly develop embedded customer experiences for better financial behaviors and outcomes.

Here are the core features: 

• Financial insights – MX can deliver embedded machine learning and AI-powered insights, giving consumers personalized recommendations, offers, and financial guidance. 
• Mobile banking – Quickly build engaging, reliable, and secure mobile banking applications leveraging the various benefits outlined above.  
• Personal financial management – Help consumers optimize their personal financial management with centralized account aggregation, proactive financial insights, and more. 

Additional MX costs to consider 

As MX pricing is obscured, anticipating additional costs is difficult. The platform doesn’t explicitly mention any traditional add-ons, although keep in mind your subscription price will increase depending on the exact products and data connections required, as well as usage volume and number of seats. 

Other vendors offering financial data management solutions 

MX is part of a specialized crop of financial data management vendors, but finding the right one requires keen platform evaluation. Comparing different solutions is an essential step in the IT procurement process — to help you along, here’s how MX stacks up against three alternative providers. 

MX pricing vs Plaid 

Plaid pricing has a significant advantage over MX — it offers a free plan for building and testing financial applications. The platform also offers custom plans, letting organizations select exact solutions and tailor pricing based on volume. 

Ultimately, Plaid cannot match MX’s data enrichment and advanced analytics. However, the developer-friendly platform is generally considered easier to use and offers more flexibility for DevOps teams. On the flipside, it  does lack the pre-built APIs and other tools available with MX. 

MX pricing vs Finicity 

Finicity offers broader financial data management than MX, and its place within the Mastercard family is a notable advantage. Although Finicity pricing is largely obscured, it’s split across three products: Pay, Manage, and Lend. 

Customer stories indicate MX may be a better option for legacy financial institutions seeking full-scale digital transformation, or fintech startups building from scratch. On the other hand, Finicity is likely a better fit for established organizations seeking to enhance their existing financial management offerings — with mortgage-specific tools being a notable advantage over MX —  without implementing an entire overhaul. 

MX pricing vs Yodlee 

Yodlee’s platform promises scalable options for startups all the way to global enterprises. The vendor has over two decades’ experience in financial aggregation, helping thousands of fintech businesses and 75% of the top 20 US banks develop applications. As such, it has a larger dataset than MX that could particularly suit established financial players. 

However, one thing to bear in mind is that Yodlee has been hit with several lawsuits over the past few years relating to privacy and data harvesting concerns. As a result, there could be issues surrounding compliance. Yodlee for pricing isn’t disclosed publicly. 

MX pricing – the Vertice verdict 

MX is undoubtedly a significant player in the financial data management space, providing legacy financial institutions with a feature-rich toolkit for modernization and fintech startups with everything they need to get innovative applications to market quickly and easily. The platform connects over 15,000 financial institutions and fintech companies, also powering 85% of digital banking providers. 

With over 150 million average daily transactions and 170 billion in total, MX is demonstrably trustworthy — an extremely important factor for financial organizations dealing with sensitive customer data and rigid regulatory frameworks. 

Although Vertice data indicates MX pricing has a relatively low discount possibility, our white-glove service can still help you achieve savings through strategic negotiation. Of course, that’s just one piece of the procurement puzzle. We can also help you understand what MX products you need, liaising directly with the vendor to create a bespoke and cost-effective subscription with optimal functionality. 

Our SaaS Purchasing Platform can also help you save across your entire stack, giving you full visibility into your software footprint to enhance SaaS management. And with over 16,000 vendors benchmarked, we can help you save when it comes to renewals too. Simply get in contact to see how we can help.