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Utah-based fintech MX Technologies has named PayPal veteran Jim Magats as chief executive officer (CEO) to lead its next phase of growth.

MX appoints new CEO, Jim Magats

He will take up his new role on August 17, 2022 and will also join the firm’s board of directors.

Magats joins MX from PayPal, where he spent 18 years as a senior executive. He most recently served as the company’s senior vice president for omni payment solutions, where he oversaw the company’s strategy and open banking solutions.

At PayPal, he also partnered with regulators on the creation of the Payment Services Directive 2 (PSD2) banking standards for banks and fintechs and led the product and technical teams responsible for PayPal products for merchants. , including Braintree and Zettle, as well as the payment platforms that power PayPal Check Out and Venmo.

Speaking on his appointment, Magats said the company plans to “deepen and expand our partnerships with financial institutions and fintechs” while “fostering greater participation in the global economy through new products. , use cases and services”.

The company’s interim CEO, Shane Evans, will continue at MX as a senior advisor to Magats and the management team.

MX is building an open financial ecosystem to make financial data “accessible and actionable to everyone”. The company uses APIs to connect and verify data for hundreds of use cases, including account sign-up, money movement, and subscription.