By Amelia Isaacs on Thursday 11 August 2022
Wise is the first international fintech to integrate with Plaid’s Core Exchange API.
Wise has formed an open finance agreement with Plaid to give its 13 million customers access to thousands of apps.
With the help of Plaid’s open finance tool Core Exchange, customers are now able to directly connect their US Wise accounts to more than 6000 apps, including Venmo, Robinhood, Truebill and Chime.
The partnership will allow Wise customers to “conveniently and securely” move money across their own accounts through Plaid’s API-first data network.
“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,” Wise senior director of global expansion Sharon Ann Kean said.
“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.”
According to early insights into customer activity, Wise users are already taking advantage of the partnership with peer to peer payments and through investment platforms.
Business customers in the US are using the services enabled by Plaid to payroll companies, connect to neobanks and pay credit card bills and taxes.
“Delivering secure data connectivity solutions to consumers is central to our mission of unlocking financial freedom for everyone,” Plaid universal data access lead Raja Chakravorti said.
“Our Wise partnership ensures access, transparency, and control for millions of consumers to securely connect their accounts to the apps and services they choose.”
Wise has become the first international fintech to integrate with Plaid’s data connectivity solution which launched in May.
It provides a streamlined, zero-cost way for data partners to implement the financial data exchange API specification, according to Plaid and adds to Plaid Exchange, helping companies facilitate data connectivity on behalf of their customers.
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