MX, the chief in Open Finance, introduced in the present day that Jim Magats has been named Chief Government Officer, efficient August 17, 2022.
He can even be a part of the MX Board of Administrators. Magats joins MX following 18 years as a senior government at PayPal Inc., the place he helped spearhead the group’s transformation into some of the helpful and modern fintech corporations on the earth. He additionally served as a member of PayPal’s 12-person Working Group charged with making certain that the group met its strategic and monetary targets.
“Jim Magats brings a wealth of expertise and information about the way to ship high-impact monetary options and merchandise for shoppers, retailers, and monetary organizations, together with an unlimited community of companions and prospects on the world’s main monetary establishments and fintechs,” mentioned Ryan Caldwell, Founder and Government Chairman of the Board of Administrators, MX. “We’ve got large confidence in Jim’s capability to guide the group by way of the following section of our progress in establishing our management within the open finance economic system, serving to organizations of all sizes entry and act on monetary knowledge to enhance buyer outcomes and develop their companies.”
Most not too long ago, Magats served as PayPal’s Senior Vice President for Omni Funds Options, which included overseeing the corporate’s open banking technique and options, in addition to a partnership community of greater than 150 monetary establishments and networks. Magats first joined PayPal in 2004 and was instrumental in PayPal’s profitable international enlargement. Whereas primarily based in Europe, he partnered with regulators on creation of the Fee Companies Directive 2 (PSD2) banking requirements for banks and fintechs. Later, he and his groups helped to rework PayPal’s relationships with banks and fee networks and constructed open, safe API capabilities to make it simpler for his or her prospects to make digital funds. Extra not too long ago, his scope included main the product and know-how groups liable for PayPal’s merchant-facing merchandise, together with Braintree and Zettle, in addition to the fee platforms that energy PayPal Test Out and Venmo, processing over $1.2 trillion per 12 months.
“Monetary knowledge is the lifeblood of a linked economic system, and no one helps organizations entry and act on monetary knowledge higher than MX. Our alternative to make monetary knowledge accessible and actionable is international, extends throughout verticals, and has the potential to make a optimistic distinction within the lives of billions of individuals,” mentioned Jim Magats, Chief Government Officer, MX. “After 18 wonderful years at PayPal, I’m extremely excited to hitch MX, an organization on a mission to construct the open finance economic system and empower the world to be financially robust. We’re going to deepen and prolong our partnerships with monetary establishments and fintechs to gasoline the following wave of innovation whereas fostering better participation within the international economic system by way of new merchandise, use instances, and companies.”
Shane Evans was named Interim CEO and President in January 2022 following the appointment of Ryan Caldwell as Government Chairman of the Board of Administrators, MX. Evans will proceed as a senior advisor, offering strategic counsel to Magats and the chief staff.