Canadian fintech company Nuvei Corporation (TSX:NVEI) and Plaid, a data network that enables consumers to connect their bank accounts to more than 8,000 apps and services, announce today an extension of their existing global partnership to support a wider range of businesses with accepting bank-based payments for multiple use cases, including recurring payments and payouts, and 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 the year. 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, UK and Europe, will enable businesses in multiple regions across the globe to enhance their online checkout through offering best-in-class, pay-by-bank experiences.

Nuvei CEO and Chair Philip Fayer commented:

“We want to support merchants with payment solutions with lower processing costs and quicker access to funds. Consumers are increasingly turning to online bank transfer payments, but their user experience has often been poor. Nuvei Instant Bank Transfer eliminates the barriers to adoption, democratizing this payment method for consumers and offering merchants a genuine revenue-driving alternative to card payments.

Our partnership with Plaid makes online bank transfer payments even more seamless for millions of U.S. consumers, which is why we’re excited to be expanding our partnership to target a broader range of eCommerce verticals.”

“The shift to bank-based payments is a natural, inevitable progression and will become a seamless part of most payments experiences in the next few years,” said John Anderson, Head of Payments at Plaid. “Plaid and Nuvei have a proven track record of helping companies streamline account funding experiences through bank transfers. We are excited to extend our partnership with Nuvei to bring safe, secure and seamless bank-based experiences to more companies and industries within the eCommerce realm.”