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Fintech & Ecommerce

Plaid & Wise made an open finance agreement: now Wise customers can connect to thousands of apps

Aug 11, 2022

Integration with Plaid’s open finance tool Core Exchange will allow Wise users to connect their Wise USD local account to thousands of other financial apps

Wise Plaid

Plaid & Wise made an open finance agreement. Source: transferwise.com

Money transfer service Wise and payments processing company Plaid have struck an open finance deal, as reported by Finextra. The agreement will help 13 million Wise customers move money across different financial institutions (FIs) and connect their accounts to 6000 apps.

Integration with Plaid’s open finance tool Core Exchange will allow Wise users to connect their Wise USD local account to thousands of other financial apps – including Venmo, Truebill and Chime.?

The feature is already deployed. It might be used for P2P payments and investment platforms. Thus, business customers in the US are using it to send funds to payroll companies, whereas firms globally are connecting to neobanks, paying credit card bills and taxes.

“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, global expansion, Wise

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Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.