SAN FRANCISCO—In an effort to help consumers move money, Wise and Plaid have formed an open finance agreement.
“Fintech has become so critical to daily life that most U.S. consumers (69%) would consider switching institutions if their primary account could not connect to their favorite fintech apps and services,” the companies stated, pointing to a 2021 survey by Plaid and The Harris Poll, according to reporting by Pymnts.com. “To meet this growing demand, Wise and Plaid have partnered to serve millions of consumers the secure data access they need to live healthy financial lives.”
The integration is based on Plaid’s open finance solution Core Exchange and gives Wise’s 13 million customers the ability to move money conveniently and securely across their own accounts, Pymnts.com said.
According to the report, customers will be able to connect their Wise USD local account details in their app of choice and use Wise with one of several Plaid-powered apps and services. The Core Exchange integration is live for Wise customers, with customers using it to send funds to payroll companies, connect to neobanks, and pay credit card bills and taxes.
‘Ability to Connect’
“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 U.S. instantly and without hidden fees,” said Wise Senior Director of Global Expansion Sharon Ann Kean, according to Pymnts.com.
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