Nuvei and Plaid extend partnership to expand pay-by-bank

By Gloria Methri

Canadian FinTech Nuvei and Plaid have extended their global partnership to support businesses by accepting bank-based payments for multiple use cases, including recurring payments and payouts, and to serve additional verticals within the e-commerce landscape.

Nuvei and Plaid plan 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 to enhance their online checkout by offering pay-by-bank experiences.

While bank-based payments are typically not guaranteed, the Nuvei, 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.

Moreover, Nuvei’s Instant Bank Transfer combines the 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 CEO and Chair Philip Fayer said, “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 are excited to be expanding our partnership to target a broader range of e-commerce 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.”