Wise has struck a deal with Plaid. This will help the 13 million customers to access more than 6000 applications with ease.
Based on the Plaid open finance technology tool, the customers will now be able to connect their local Wise account with thousands of other platforms. The list of platforms includes – Venmo, Truebill, Chime, Robinhood, and much more.
Although the deal was made just a week ago, the integration is already live, and people can use it for things like P2P transactions and investment platforms.
We understand that most people might not know these two companies and the importance of these two companies becoming partners.
This is why we have done a little bit of explanations regarding these two companies.
About Wise Money Transfer
Wise is one of the most popular money transfer platforms in the United States. The reason for its popularity comes from the affordable transaction fees and exchange rates.
Wise, formerly known as Transwire, offers users the ability to send and receive money from more than 70 countries. You can fund a Wise transfer in various ways.
For instance –
- Bank transfer.
- Credit card transfer.
- Net banking.
- Online transfer.
However, to use these services, the recipient needs to have a bank account.
The Wire website is pretty simple and straightforward, Setup and login are easy, and it can be synchronized with your Apple, Facebook, and Google account.
Wise Transfer Methods
When it comes to transferring money, Wire offers many ways.
- You can use the application or the website to send and receive money directly.
- It offers different payment options like bank transfer, credit card, debit card transfer, Apple Pay, and Google Pay.
- The only place where you can receive money is in a bank account. That means, if you don’t have one, you can’t use Wise’s services.
- Depending on where you are sending, it varies how much you can transfer in a single day. It is safe to say that you can send as low as $1 and max out at $15,000.
If you are looking for a platform where you can save on your money transfer, Wise is the place. Click here to learn more about Wise.
If the Wise platform helps you connect with your bank account, Plaid is the service that offers the right technology to connect with your financial account.
Plaid is a platform where you might choose to share your financial details to connect with different applications like Venmo and Truebill.
The type of data that is shared via Plaid are –
- Account number.
- Contact information.
- Account transaction details.
You can even see Plaid as the middleman that connects the user through eligible applications and services. Now you must be wondering why to take help from Plaid when you can manage everything independently. That is possible only when you are handling one or two such platforms.
If you have more than two financial accounts, it can become hard to keep track of all the details and information. This is where Plaid offers its services.
How Does Plaid Work?
- Search for the right financial institution for the users.
- Helps generate user Id and Password to authenticate the financial account.
- Connect the users with their financial accounts.
- Help access the account and other applications.
Wise Partnership With Plaid Give Customers Access To 6000 Apps
Finally, Wise became the first fintech company to strike a deal with Plaid, a payment processing platform. Both Plaid and Wise form an open finance agreement that will give 13 million customers access to more than 6000 applications.
With the help of the Plaid core technology, customers are now able to connect with their Wise account. Furthermore, the customers can also use other applications like Binance, Robinhood, Venmo, and much more.
With this partnership, both the company wants to offer a zero-cost method to implement financial data exchange.