Plaid Expands Its Presence in Europe, Secures Two New Partners

​

US-based Plaid has announced it would 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.

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%.

(Source: The Paypers)