Adyen, a prominent global financial technology platform, has recently announced its strategic partnership with Plaid, a leading digital finance company, aiming to introduce the Pay-by-Bank service to North America in early 2024.
Adyen’s noteworthy investments in the North American market, such as securing a US Branch License and establishing local tech hubs, have paved the way for this collaboration. The platform’s expanding array of embedded financial services underscores the commitment to offering a top-tier enterprise payment solution in the region.
Davi Strazza, President of North America, expressed enthusiasm for the partnership, emphasizing how Plaid’s innovative financial technology aligns seamlessly with Adyen’s objectives. The combined strengths of both entities promise to deliver an unparalleled Pay-by-Bank experience, catering to the needs of businesses and end-consumers. This alternative payment method not only addresses customer demands for diverse payment options but also significantly reduces costs throughout the payment chain.
Adyen, already renowned for offering more than 150 payment methods, including Pay-by-Bank, empowers enterprise merchants to efficiently process larger payment volumes. Beyond expanding payment options, the partnership offers a range of benefits for businesses, such as enhanced security measures and robust fraud protection. These advantages translate into reduced chargebacks and nearly eliminating transaction failures.
Eric Sager, Plaid’s Chief Operating Officer, highlighted the significance of making Pay-by-Bank widely accessible. He emphasized that Plaid, trusted by approximately one in three Americans with a bank account, provides a secure and seamless means of connecting financial accounts for bank-linked payments. Together with Adyen, this partnership will bring Pay-by-Bank and marketplace onboarding to more companies in North America, aiming to lower payment costs, increase conversion rates, and reduce fraud and payment losses.
In summary, the collaboration between Adyen and Plaid represents a significant step forward in enhancing payment solutions and financial services in North America, benefiting both businesses and consumers. This initiative aligns with the broader trend of expanding payment options, improving security, and reducing transaction-related challenges.