Financial technology platform for businesses Adyen has partnered with US-based data network provider Plaid to provide Pay-by-Bank services in North America. Specifically, Adyen has revealed its plans to introduce its Pay-by-Bank services in North America in early 2024 via this partnership.

Adyen, which has a history of investment in the region, including a US Branch Licence and local tech hubs, aims to enhance its embedded financial services through this collaboration. When talking about this collaboration, representatives from Adyen highlighted the compatibility between the two companies, stating that Plaid's financial technology aligns well with their objectives. This collaboration is set to provide businesses and consumers with a comprehensive Pay-by-Bank experience, offering an alternative payment method that caters to customer demands while also reducing costs across the payment chain.

Pay-by-Bank is set to join Adyen's list of over 150 payment methods. This addition addresses the growing need for seamless customer solutions and cost-efficiency in backend operations. Juniper Research data cited by Adyen predicts that Pay-by-Bank payments will surpass USD 330 billion globally by 2027, representing a 479% increase from the USD 57 billion recorded in 2023.

Additionally, the research anticipates a surge in Open Banking Application Programming Interface (API) calls from 102 billion in 2023 to 580 billion by 2027. Officials from Plaid emphasised the benefits of providing consumers with more payment options and flexibility, ultimately contributing to lower payment costs. This partnership with Adyen is expected to extend pay-by-bank and marketplace onboarding to more North American companies, enabling them to reduce payment costs, improve conversion rates, and minimise fraud and payment losses.

In essence, some of the primary advantages offered to businesses by this collaboration between Adyen and Plaid include improved security and fraud protection measures, as well as support for large payment volumes. More information about the two companies Adyen specialises in delivering end-to-end payment capabilities, data-driven insights, and financial products within a single global solution to help businesses achieve their goals efficiently. With a global presence, Adyen collaborates with companies such as Meta, Uber, H&M, eBay, and Microsoft.

Plaid powers various tools that help individuals to manage their finances effectively. The company's mission is to create a more inclusive, competitive, and mutually beneficial financial system by simplifying payments, improving lending, and combatting fraud. Headquartered in the US, Plaid's network includes more than 12,000 institutions across the US, Canada, the UK, and Europe.

For more information about Adyen, please check out their detailed profile in our dedicated, industry-specific Company Database. The same database also includes a detailed profile on Plaid. .