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Wise and Plaid launch open finance agreement

Wise and Plaid have reached an agreement that will enable the former’s 13 million of customers to connect their accounts to thousands of apps.

Read also: Revolut plans to increase its crypto headcount by 20%

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, according to a 2021 survey by Plaid and The Harris Poll.

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.

“If you look at remittance data, you will see a slowdown, even a dip in the last recession,” said chief financial officer Matt Briers on an analyst call.

“We haven’t been through one of these cycles, so we’re rightly cautious, but it doesn’t feel like we’re over-indexed to any swings in GDP.”

The integration is based on Plaid’s industry-aligned open finance solution Core Exchange and provides Wise customers, totaling 13 million worldwide, with the ability to move money conveniently and securely across their own accounts.

Customers simply connect their Wise USD local account details in their app of choice and use Wise with thousands of Plaid-powered apps and services.

The Plaid network covers more than 6,000 apps including 9 of the top 10 most downloaded fintech apps in the Android + App Store (as of May 2022) such as Venmo, Truebill, Chime, and more.

Sharon Ann Kean, senior director, global expansion, Wise, says: “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.”

Raja Chakravorti, universal data access lead, Plaid, adds: “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.”

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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