US-based multinational financial services corporation Western Union has partnered with financial services company Plaid . This partnership aims to enhance the remittance and payment processes for Western Union’s customers in Europe by providing additional flexibility and security in money transfers.

The integration is designed to simplify the transaction process, potentially reducing costs and increasing security. As a result, Western Union customers may experience a more streamlined and reliable digital experience, with higher thresholds for payments made through Plaid’s open banking infrastructure. How does Plaid's technology work? Plaid’s technology facilitates faster cross-border transactions by enhancing account verification processes thus reducing delays and ensuring funds are transferred accurately and efficiently.

Moreover, the enhanced security measures provided by Plaid ensure that users’ personal and financial information is protected throughout the transaction process. This improvement in security allows Western Union to offer higher transaction limits, benefiting both business owners handling international transactions and individuals sending money abroad. The collaboration also aims to improve Western Union’s internal operations by streamlining payment infrastructure and reducing manual processes.

This operational efficiency is expected to allow Western Union to focus more on enhancing customer experiences. In essence, the integration of Plaid’s open banking solutions into Western Union’s services is intended to improve the customer experience in Europe, reinforcing Western Union’s position in global money transfers and addressing customer demands for secure, efficient, and flexible payment options. Other developments from Plaid In May 2024, Capital on Tap extended its collaboration with Plaid in an effort to support UK-based businesses.  Following their successful collaboration in the US, which started in January 2023, Capital on Tap and Plaid extended their partnership to provide their services in the UK.

Capital on Tap was set to be able to use Plaid’s Open Banking infrastructure to offer small and medium-sized enterprises (SMEs) in the region more convenient and efficient access to funding. Since SMEs represent a pillar in the UK economy, the two companies intended to support them in receiving capital to advance their operations. For more information about Plaid, please check out their detailed profile in our dedicated, industry-specific Company Database.

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