August 23, 2022
Expanding access to open banking payments across Europe
Shaheen Budhrani & Chris Corbett
As more money moves online, people need simple, easy ways to bring their money into the digital financial ecosystem. We’re investing in expanding Plaid’s network reach to new geographies and more people across the world to better support the ecosystem.
Growing the payment partner ecosystem
We’ve expanded our payment partner ecosystem to include two new Payment Service Providers – Norbr and GlobePay. Both of these new partners embed Plaid’s open banking technology to make it easier for people to make online transactions, directly from their bank accounts, using locally preferred methods. More on how each partnership works:
Norbr, a next-generation payment orchestration layer for e-commerce companies, will embed Plaid’s open banking Payment Initiation technology to add open banking payments as a payment option in checkouts
Lastly, GlobePay, a PSP providing cross-border online payment, will now offer open banking payments as an option for businesses to receive payments, right next to WeChat Pay and Alipay.
Broadening our geographic coverage
In addition to embedding PIS across the digital financial ecosystem, we’re building out geographic coverage to deliver open banking payments and data services across Europe. We recently added open banking payments capabilities for Spain and Poland and data connectivity for Germany.
We’re always 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, we 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. This creates a smooth customer experience and helps to increase conversion on mobile flows.
Our expanded coverage has enabled companies like Kraken to offer easier, faster onboarding and account funding experiences across Europe. In these markets and all others we cover, we ensure at least 90% coverage of consumer and business accounts, often covering over 99%. Stay tuned for more coverage expansion with Sweden, Denmark, Norway, Lithuania, Latvia and Estonia coming soon!
If you’re interested in working with Plaid or one of our partners to offer a more localised experience for moving money in the digital financial ecosystem, reach out to our team.