European payments giant Adyen is teaming up with US open banking provider Plaid to roll out its pay-by-bank offering in North America by early 2024.
In brief:
-The partnership will further expand Adyen’s offering in the US and Canada where it already offers over 150 different payment methods while also helping Plaid to grow its volumes of open banking payments.
-Plaid expects to power close to two billion open banking payments in 2023, with the Adyen partnership expected to grow this number considerably in 2024.
-The open banking and payments titans are looking to accelerate their growth in North America
What does this mean?
“In partnership with Adyen, we’ll bring pay-by-bank and marketplace onboarding to more companies in North America, helping them lower payment cost, increase conversion, and reduce both fraud and payment losses.”Eric Sager, Plaid’s chief operating officer said.
