Financial institutions have faced multiple changes in recent years. At the forefront of this metamorphosis is the digital transformation resulting from the pandemic to optimize interaction with customers.

A key concept that is becoming more relevant every day is that of integration, a term that refers to the reduction of operating costs, optimization of work by personnel and access to information at any time and place. In times when time seems to be insufficient, being able to resolve procedures quickly and clearly is priceless.

Since its creation, AddAACION has established itself as a benchmark throughout Latin America thanks to its 360-degree vision that allows the integration of various channels, thus becoming an ideal technological solution for banking, insurance, insurtech and Fintech. These benefits could not go unnoticed.

That is why in recent months, during the OpenFinance event in Mexico City, an alliance with high firepower was formed: AddACCION-Mox. The latter was founded in 2021 by Augusto Fernández and Diego Rodríguez.

"Initially, under a different approach, the company managed to forge a work plan based on salary on demand. In this way, the project saw the light of day with the "Salary On Demand" model, which is based on empowering users to face unexpected expenses with ease, having access to their salary whenever they want it", highlighted from Mox's Marketing Division.

However, the Startup had a 360 change because when implementing the MVP the team realized the lack of infrastructure for onboarding and origination processes in personal loans.

Mox thus pivoted to develop an "OpenPayroll" infrastructure because of its resemblance to OpenBanking, since it offers a platform to visualize data on income, employment, pensions, remittances, among other data on Mexican consumers.

Why the alliance?

The main reason that explains the gestation of a joint work is based on the fact that financial institutions used to hire both companies. "We decided to make things easier for the client by having only one supplier", both companies agreed. Thus, we opted for a unification process.

Federico Ortiz, Head of Operations and Strategy at Mox, said: "AddACCION is an important ally for us because it opens doors to offer a more complete solution for the client and making a single integration. We are facing the digitalization of financial services in Latam and the systems that allow interoperability will benefit in the short and long term".

"In turn, the expertise that their team has developed with more than 20 years in the industry helps us to establish ourselves in the market," he added.

Specifically, Mox is a platform that provides APIs, embedded links and SDKs, real-time payroll visibility, deductions/withholdings in operating systems and infrastructure, and ability-to-pay analysis, in addition to focusing on reducing the risk of unpaid loans and pre-qualifying candidates. Although for now it only operates in Mexico, the reception in the market has been more than positive and the alliance with AddACCION, which already has implementations in Europe, represents a new bet to boost its growth.

Indeed, those customers who have AddACCION can access the Mox solution without having to do an additional integration.

By integrating this functionality into AddACCION's platform, AddACCION enables its users to improve the efficiency of credit granting.

For Eudoro de Zavalía, CEO and founder of AddACCION, "our clients and those of Mox benefit from improving their client portfolio by having a complete tracking of their entire history in the sales process, services offered and collections follow-up".

In a global context that presents a variety of difficulties - inflationary processes in many countries, post-pandemic difficulties and war at the forefront - Mox indicated that the financial model it is trying to deepen "has been well accepted in Mexico, although the United States and Europe are a few years ahead of us in offering this type of services".

"We point to the volatility of the Latin American market as a crucial advantage for our growth. In times of uncertainty, solutions that provide alternative data are of great help to financial institutions, as they help to complete the profile of users who are disadvantaged or appear as 'invisible' in traditional mechanisms," they concluded.

Meanwhile, for AddACCION, this new partnership is another concrete sign of a process of broadening horizons that seems to have no ceiling. The constant evolution and innovation of its solutions are both attractive and necessary in a context of global digitalization that is here to stay.