Zūm Rails + MX: Bringing Instant Payments and Open Banking Together in Canada

We’re thrilled to announce a game-changing partnership between Zūm Rails and MX that’s transforming how fintechs and financial institutions in Canada move money.

What’s happening?
On March 7, 2023, Zūm Rails—a leader in data-powered, real-time payment solutions—joined forces with MX, a pioneer in Open Finance, to deliver a seamless, end-to-end payment experience for Canadian fintechs and banks mx.com.

Why This Partnership Matters

• Instant Payments + Instant Verification
  By combining Zūm Rails’ instant payment rails with MX’s instant account verification (IAV), organizations can now initiate payments—including electronic funds transfers (EFT)—and verify accounts in a single, unified workflow mx.com.

• Greater Security with Processor Tokens
  Through MX’s Processor Tokens, firms no longer need to retain sensitive customer data. This data can be safely used to authenticate accounts and trigger payments—whether via EFT, Interac, Visa Direct, or Credit Card—all in one step mx.com.

• Superior Customer Experience
  This approach accelerates onboarding, helps reduce fraud, and upgrades the user experience, giving customers quick, reliable access to financial services in a single view mx.com.

“The MX and Zūm Rails strategic partnership will enable open banking capabilities before open banking is available in Canada. Now MX clients can benefit from all of MX’s functionality in addition to real-time money movement all in a single workflow, creating the ultimate end-to-end customer experience,” said Miles Schwartz, co-founder of Zūm Rails mx.com.

“Designing for the end-user experience is critical, now more than ever. By partnering with Zūm, we’re able to empower banks and credit unions in Canada to deliver a seamless customer experience across every step of their payments journey,” added Brett Allred, Chief Commercial Officer (Fintech) at MX mx.com.

Want to Learn More?

For the full announcement and details about the partnership, read the original article on MX’s website:
Zūm Rails Partners with MX to Speed Up Payment Processing and Verifications mx.com