Plaid expands in Europe; gets two new partners

Plaid expands in Europe; gets two new partners

US-based Plaid has announced it will be expanding its services in Europe, offering Open Banking capabilities for Spain and Poland and data connectivity for Germany; other countries to follow.

 

The company is building on recent launches earlier this year in the Netherlands, Ireland, and Italy. The company will be also shortly launching in Sweden, Denmark, Norway, Lithuania, Latvia, and Estonia.

Plaid is investing in expanding its network reach to new geographies and more people across the world to better support the ecosystem. They have expanded their payment partner ecosystem to include two new Payment Service Providers (PSPs) – Norbr and GlobePay. Both new partners embed Plaid’s Open Banking technology trying to make it easier for people to make online transactions, directly from their bank accounts, using locally preferred methods.

Norbr, a next-generation payment orchestration layer for ecommerce companies, will embed Plaid’s Open Banking Payment Initiation technology to add Open Banking payments as a payment option in checkouts. GlobePay, a PSP providing cross-border online payment, will now offer Open Banking payments as an option for businesses to receive payments, next to WeChat Pay and Alipay. 

 

Plaid is also building out its geographic coverage to deliver Open Banking payments and data services across Europe. As representatives say, they are looking for new ways to meet local needs and offer the payment journeys that people are already accustomed to as they transition toward digital finance. As such, in Spain, they offer an app-to-app experience, where users are automatically redirected to their mobile banking app to authenticate and authorise access to their account data or to initiate payments from the account

Their coverage has helped companies like Kraken to offer reliable onboarding and account funding experiences across Europe. In the markets they cover, the company ensures at least 90% coverage of consumer and business accounts, sometimes covering over 99%.

Latest moves

In July 2022 Plaid launched a new form of Open Banking payments, Variable Recurring Payments (VRP). The new VRP product was created to enable recurring, future money investment between accounts of the same owner using a single authorisation. The feature can be used in place of existing options like card-on-file and direct debits to allow businesses to authorise future payments directly from a bank account with one authorisation, having access to instant settlement and a customisable payment experience with minimum fees.

Recently Plaid partnered with Wise, announcing an Open Finance agreement to help customers move money across different financial institutions. The partnership is based on Plaid’s Open Finance solution, Core Exchange. It provides Wise customers with the ability to move money across their own accounts. To do so, costumers need to connect their Wise USD local account details in their app of choice and use Wise with the Plaid-powered apps and services.

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