Plaid, the API-first data network powering the digital financial ecosystem, and Wise, the global technology business developing the easiest way to move money around the world, today announced an open finance agreement to give clients a frictionless way to move money between various financial institutions.
According to a 2021 survey by Plaid and The Harris Poll, fintech has become so integral to daily life that the majority of American consumers (69%) would think about switching institutions if their primary account could not connect to their preferred fintech apps and services. Wise and Plaid have joined up to provide millions of customers with the safe data access they require to lead financially healthy lifestyles in order to satisfy this growing demand.
The integration, which is built on Plaid’s sector-aligned open finance solution Core Exchange, enables Wise’s 13 million global clients to transfer money easily and securely between their own accounts. Customers can utilize Wise with thousands of Plaid-powered apps and services by simply connecting their Wise USD local account details to the app of their choice. As of May 2022, the Plaid network supported more than 6,000 apps, including 9 of the top 10 most popular finance apps available on the Android + App Store, including Venmo, Truebill, Chime, and others.
Early findings indicate that Wise customers are already utilizing a range of use cases, including peer-to-peer payments and investing platforms, with the Core Exchange integration being live for these customers. Business users utilize it for a variety of purposes, including paying credit card bills, paying tax in several states, connecting to other banks internationally, and sending money to payroll firms in the United States.
“We know being able to conveniently use Wise to manage their global finances is vital to our customers, especially for those who are using Wise as their primary account,”
“By working with Plaid, we’re giving customers the ability to connect their accounts to the apps and services they know and love in the US instantly and without hidden fees. As we build money without borders, our customers will continue to see deeper integrations in the market to ensure the Wise account meets the local functionality needed for American consumers.”
Sharon Ann Kean, Senior Director of Global Expansion at Wise.
The partnership with Wise is a shining example of Plaid’s support for universal data access, which would give users more access and insights across all of their accounts while giving them choice over where and how their data is used and permissioned.
“Delivering secure data connectivity solutions to consumers is central to our mission of unlocking financial freedom for everyone,”
“Our Wise partnership ensures access, transparency, and control for millions of consumers to securely connect their accounts to the apps and services they choose. We are excited to deliver on our joint commitment to universal data access and enable even more ways for Wise customers to seamlessly move and manage their money to lead healthier financial lives.”
Raja Chakravorti, Universal Data Access Lead for Plaid.
All data partners, from the biggest financial institutions and regional banks to fintechs, neobanks, and digital banking platforms, receive safe, simple-to-implement API products from Plaid’s data connectivity solutions, including Core Exchange and Plaid Exchange. For the benefit of their clients, they assist businesses in promptly and securely facilitating data connectivity. Core Exchange, Plaid’s newest product, was introduced in May and offers data partners an easy, cost-free solution to implement the Financial Data Exchange (FDX) API protocol.