Wise and Plaid Launch Open Finance Agreement to Enable Secure Financial Connectivity

Wise customers can now connect their accounts to more than 6,000 apps powered by Plaid via Core Exchange, the data network’s newest open finance solution

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NEW YORK – August 10, 2022 – Wise, the global technology company building the best way to move money around the world, and Plaid, the API-first data network powering the digital financial ecosystem, today announced an open finance agreement to provide customers a seamless way to move money across different financial institutions.

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. 

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.

The Core Exchange integration is live for Wise customers, and early insights show that they are already leveraging a variety of use cases, including peer to peer payments and investment platforms. Business customers in the U.S. are using it to send funds to payroll companies, and business customers globally are connecting to neo banks, as well as paying credit card bills and paying tax in several states, among other use cases.

The collaboration with Wise is a prime example of Plaid’s advocacy for universal data access in which consumers are in control of where and how their data is utilized and permissioned, resulting in expanded access and insights across all of their accounts. 

“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,” said Sharon Ann Kean, Senior Director of Global Expansion at Wise. “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.” 

"Delivering secure data connectivity solutions to consumers is central to our mission of unlocking financial freedom for everyone," said Raja Chakravorti, Universal Data Access Lead for Plaid. "Our Wise partnership ensures access, transparency, and control for millions of consumers to securely connect their accounts to the apps and services they choose. We are excited to deliver on our joint commitment to universal data access and enable even more ways for Wise customers to seamlessly move and manage their money to lead healthier financial lives."

Plaid's data connectivity solutions, including Core Exchange and Plaid Exchange, deliver secure, easy-to-implement API products for all data partners, from the largest financial institutions and regional banks to fintechs, neobanks, and digital banking platforms. They help companies quickly and securely facilitate data connectivity on behalf of their customers. Launched in May, Core Exchange is Plaid’s newest offering and provides a streamlined, zero-cost way for data partners to implement the Financial Data Exchange (FDX) API specification.

About Plaid

Plaid is a data network that powers the tools millions of people rely on to live a healthier financial life. Plaid works with thousands of companies like Venmo, SoFi, and Betterment, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to more than 6,000 apps and services they want to use. Plaid's network covers more than 12,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.

About Wise

Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.

Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE.

16 million people and businesses use Wise globally, which processes £9 billion in cross-border transactions every month, saving customers around £1.5 billion a year.

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