Global fintech platform Adyen has partnered with data network Plaid to launch its Pay by Bank services in North America in early 2024.
The payments solution will add to Adyen’s US Branch License and local tech hubs, as well as the platform’s embedded financial services offering in the region.
Adyen already offers more than 150 different payment methods.
Juniper Research has estimated that Pay by Bank payments will exceed $330 billion globally by 2027, soaring 479% from $57 billion in payments in 2023.
Davi Strazza, president of North America at Adyen, said: “Our complementary offerings together form an unparalleled Pay-by-Bank experience for businesses and end-consumers alike.”
Strazza added: “This alternative payment method not only meets our customers’ demands for continually expanded payment methods – but in the process also significantly reduces costs across the payment chain for them.
“With this broadened offering, we look forward to continuing to position our single platform as the go-to enterprise solution in North America.”
Adyen’s Pay by Bank offering provided by Plaid is expected to be available in early 2024.
Eric Sager, Plaid’s chief operating officer, said that making Pay by Bank more widely available will not only give consumers greater choice and flexibility, but will also help lower payment costs.
“Plaid is already trusted by about one in three Americans with a bank account, and provides a secure and seamless way to connect financial accounts for bank-linked payments,” Sager added.
“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.”
Earlier this year, Adyen extended its reach into the hospitality sector through a new partnership with Olo, a Software-as-a-Service platform for restaurants.
The intention is to provide restaurant businesses with a faster way to consolidate digital and in-store payments, apply for capital, and manage cash flow.