Nuvei and Plaid have announced an extension of their existing global partnership to support a wider range of businesses accepting bank-based payments for multiple use cases. This includes recurring payments and payouts and aims to serve additional verticals within the ecommerce landscape, such as utilities and B2B.

Nuvei and Plaid are also announcing an intention to scale their partnership globally before the end of 2023. Nuvei’s global reach, including local acquiring in 47 markets, combined with the Plaid network which covers 12,000 financial institutions across the US, Canada, the UK, and Europe, will enable businesses in multiple regions across the globe to improve their online checkout through offering pay-by-bank experiences. Nuvei's Instant Bank Transfer combines Nuvei's speed of bank payment processing with Plaid's seamless and secure user experience for bank account linking, which has been used by approximately 1 in 3 US consumers with a bank account to connect to digital financial services.

Nuvei Instant Bank Transfer eliminates the barriers to adoption, democratising this payment method for consumers and offering merchants a genuine revenue-driving alternative to card payments. The partnership with Plaid makes online bank transfer payments more seamless for millions of US consumers. The shift to bank-based payments In recent years the demand for bank-based payments has grown steadily from both consumers and merchants.

According to data compiled for Nuvei, bank-based payments are already the third most popular online payment method in the US behind credit and debit cards, and almost a quarter (23%) of all US consumers are considering using bank-based payments for general ecommerce payments in the next 12 months. This rises to 44% of all US consumers that have previously chosen bank-based payments for any type of transaction. According to the official press release, the Nuvei and Plaid partnership offers merchants the ability to assess transaction risk in real time and reduce return rates through Plaid Signal, a network-based machine learning model.

This includes confirming the consumer has available funds to complete a transaction and eliminating transactions that are falsely declined by banks.In the study conducted for Nuvei, 35% of consumers expressed security concerns as a key barrier to bank-based payment adoption. Nuvei in recent news In March 2023, Nuvei announced that Australian businesses can now access its full suite of payments solutions. Australian businesses operating locally and globally benefit from Nuvei’s technology that’s built to accelerate their growth.

Nuvei’s payments platform enables businesses to optimise operating costs and boost conversion rates by maximising payments acceptance, minimising risk, and enhancing the consumer payment experience. This includes offering all local and relevant payment methods. Before that, Nuvei completed its USD 1.3 billion acquisition of payment solution provider Paya.

Paya amplifies Nuvei’s growth strategy and expands its reach into new underpenetrated and non-cyclical verticals where Nuvei’s proprietary technology is well-positioned to accelerate customer growth. The announcement was first made in January 2023, when the fintech initialised the all-cash acquisition of Paya at USD 10 per share. On February 21, 2023, Paya filed, with the Securities and Exchange Commission, its annual report on form 10-K for the year ended December 31, 2022.

Calculated results for the year ended 31 December 2022 have been USD 49.5 billion in payment volume, of which USD 13 billion have been for the last three months of that year. .