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APIs · head to head

Codat vs MX Technologies

Codat logo

Codat

APIs

One API for small business accounting, banking and commerce data

From
On request
Rated
-
Full reviewWebsite
MX Technologies logo

MX Technologies

APIs

US financial data aggregation with heavy transaction cleansing and enrichment

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Codat the accounting platforms are metering developer access themselves, with Xero introducing tiered connection based developer pricing from 2 March 2026, so a cost you do not control has been inserted between you and the data and it scales with the number of customers you connect.; MX Technologies coverage is United States focused, so any product with European or other international users runs a second aggregator and reconciles two data models, which removes most of the single vendor argument.
  • They diverge on capability: Codat covers Normalised accounting API, MX Technologies covers Account aggregation.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

Only the attributes on which Codat and MX Technologies actually diverge.

Attributes where Codat and MX Technologies differ
AttributeCodatMX Technologies

Identical on both: starting price (On request), pricing model (quote), free tier (No), platforms (API, Web), user rating (Not yet rated), category (APIs).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Codat

  • Normalised accounting API
  • Banking and commerce data
  • Lending products
  • Write-back
  • Business verification
  • Supplier onboarding
  • Connection management
  • Data quality handling

Only in MX Technologies

  • Account aggregation
  • Transaction cleansing
  • Categorisation
  • Merchant resolution
  • Account verification
  • Balance and funds checks
  • Data enhancement APIs
  • Consent and connection management

What people use each for

The jobs each tool is most often brought in to do.

Codat

  • A business lender that wants live ledger data for underwriting rather than a borrower emailing exported PDF accountsnot MX Technologies
  • A commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterlynot MX Technologies
  • A payment company verifying a merchant trading history before extending working capitalnot MX Technologies
  • A B2B platform writing bills and payments back into a customer accounting system so reconciliation happens automaticallynot MX Technologies

MX Technologies

  • A credit union building a personal finance view in its own app that needs its own transaction descriptions made readablenot Codat
  • A lender using cash flow underwriting that needs categorised income and expense data rather than raw transaction stringsnot Codat
  • A bank wanting account verification and balance checks before initiating ACH debits to reduce returnsnot Codat
  • A fintech that already aggregates data elsewhere and licenses only the enrichment layer to clean what it hasnot Codat

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Codat

  • The accounting platforms are metering developer access themselves, with Xero introducing tiered connection based developer pricing from 2 March 2026, so a cost you do not control has been inserted between you and the data and it scales with the number of customers you connect.
  • Pricing is opaque and enterprise shaped for a product developers expect to evaluate technically first, so build decisions get made before anyone knows the unit economics.
  • Normalisation hides but does not remove the underlying differences between accounting systems, and edge cases in multi-currency, journals and tax handling surface as data quality problems that your team must reason about in each source system anyway.
  • Data quality depends on the small business keeping its books properly, so a lender using ledger data for underwriting inherits the bookkeeping standard of its worst borrower and needs its own validation layer regardless.
  • Connection breakage from expired tokens and platform API changes is an ongoing operational load, and a borrower whose connection lapses stops being monitored silently, which is the failure mode that matters most in a lending portfolio.

MX Technologies

  • Coverage is United States focused, so any product with European or other international users runs a second aggregator and reconciles two data models, which removes most of the single vendor argument.
  • Nothing is published on price and contracts are enterprise shaped, so a small fintech cannot estimate cost or start building without a sales process, unlike self-serve competitors.
  • Data enhancement is the differentiator and is licensed separately from aggregation, so the quoted aggregation price is not the price of the product people actually buy it for.
  • Categorisation and merchant resolution are statistical and get business to business and unusual transactions wrong more often than consumer retail, so lending decisions built on categorised data need their own review layer.
  • As the United States moves to regulated API access, connection quality depends on what each institution exposes, and the long tail of small banks and credit unions remains the weakest part of any aggregator including this one.

Pricing, plan by plan

Codat

On request
  • Codat Platform$undefined/year
    • Priced by connected companies, data types and products
    • Lending and verification products priced above core data access
    • Annual enterprise agreements

MX Technologies

On request
  • MX Platform$undefined/year
    • Priced by connected users, API calls and modules
    • Data enhancement licensed separately from aggregation
    • Enterprise contracts aimed at financial institutions

Which should you pick?

Choose Codat if

  • You need normalised accounting api.
  • You work on API, Web.
  • You also want banking and commerce data.
Codat review

Choose MX Technologies if

  • You need account aggregation.
  • You work on API, Web.
  • You also want transaction cleansing.
MX Technologies review

Questions people ask

Is Codat or MX Technologies better?
Neither clearly leads. Codat starts at On request and MX Technologies at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Codat or MX Technologies?
Codat starts at On request and MX Technologies at On request.
Does Codat or MX Technologies run on more platforms?
Both run on API, Web, so platform support will not decide this one for you.
What is Codat best used for?
Codat is most often used for a business lender that wants live ledger data for underwriting rather than a borrower emailing exported pdf accounts, a commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterly, a payment company verifying a merchant trading history before extending working capital, a b2b platform writing bills and payments back into a customer accounting system so reconciliation happens automatically. Of those, a business lender that wants live ledger data for underwriting rather than a borrower emailing exported pdf accounts and a commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterly are not what MX Technologies is typically brought in for.
What can Codat do that MX Technologies cannot?
Codat covers Normalised accounting API, Banking and commerce data, Lending products, Write-back. MX Technologies covers Account aggregation, Transaction cleansing, Categorisation, Merchant resolution.

Answered from the vendors’ own pages

Codat: What is changing with Xero in 2026?

Xero is introducing a tiered, usage based developer pricing model effective 2 March 2026, with tiers based on the number of customer connections an app holds. That is a new cost in the chain for anyone reading Xero data at scale, whether directly or through Codat.

MX Technologies: What does MX do that Plaid does not?

It sells transaction cleansing, categorisation and merchant resolution as a first class product, including on data you already hold, which is why financial institutions rather than startups are its core customers.

Codat: Can Codat write data back?

Yes. It supports pushing bills, payments and journal entries into accounting systems, not only reading from them.

MX Technologies: Does it cover Europe?

No. MX is United States focused. European coverage requires a different provider such as Tink.

Codat: Is pricing published?

No. It is quoted by connected companies, data types and products, and users consistently describe it as opaque.

MX Technologies: Is pricing published?

No. Contracts are quoted by connected users, call volume and modules, with enhancement licensed separately from aggregation.

Codat: Does it replace bank data aggregation?

Not entirely. It covers banking alongside accounting and commerce, but lenders commonly run it beside a bank aggregator for transaction level cash flow.

MX Technologies: Does it use screen scraping?

It uses direct bank APIs where institutions expose them and credential based connections elsewhere. The credential path is being deprecated across the industry, and coverage quality now tracks which banks have real APIs.

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