Core provider Fiserv expects more fintechs to buy the company’s AllData Connect platform.

Fiserv announced last week that data aggregation fintech MX was the first company to access tokenized consumer data through its AllData Connect Platform, a part of the company’s AllData Aggregation data suite.

Jamie DelMedico, vice president of aggregation and information solutions at Fiserv, told Bank Automation News that MX’s adoption of AllData Connect is the first of many.

“Although MX is the first company to use the AllData Connect service to access consumer data, AllData Connect is an industry solution, and we anticipate other companies will access data using the service,” DelMedico said.

Tokenization exchanges sensitive consumer data for non-sensitive data, or ‘tokens.’ Fiserv’s AllData Connect tokenizes consumer information for third parties, allowing fintechs and financial institutions to access data without compromising user credentials, which DelMedico said he considers essential for facilitating open finance.

“The purpose of AllData Connect is to enable secure sharing of data among financial institutions, businesses and consumers, and it can be used by any provider in the industry,” DelMedico told BAN. “This is a move toward a more secure open finance ecosystem.”

Tokenization recently was leveraged by the $2.3 trillion Citigroup, which selected payments fintech Marqeta to tokenize contactless card provision into mobile wallets for its commercial customers.

Fiserv’s competitors in the data aggregation market include Plaid, Stripe Connect, Lightico, and Codat. Shares of Fiserv [NASDAQ:FISV] were trading at $103.00 as of market close, up 2.24% from market open.