Airwallex teams up with Plaid to offer instant payments

Ellie Duncan
08 Dec 2022

Global fintech Airwallex has partnered with Open Banking data network Plaid to offer a “flexible, secure and transparent payment option” for the companies’ joint customers in the US.

Through the partnership, Airwallex and Plaid will provide an integrated payments solution that can streamline Automated Clearing House (ACH) payments, and enable the authorisation of debits from their bank accounts and fund their Airwallex accounts.

Through the integration with Plaid, the global fintech’s customers will be able to instantly and securely verify their bank accounts in the US, either for adding funds to their Airwallex wallet from an external bank account, or for merchants to accept payments from customers within Airwallex’s payment acceptance business.

Ravi Adusumilli, global head of partnerships and general manager, Americas at Airwallex, said: “We are excited to be partnering with Plaid, and to be able to offer a flexible, secure and transparent payment option for our joint customers in the US.

“Through this integration, customers can authenticate the payers’ bank accounts without the complexity and time that usually comes with traditional ACH processing.”

“The digital financial ecosystem is all about enabling faster, easier, and more secure ways to move funds,” added Plaid’s head of partnerships Tamara Romanek.

“Partners like Airwallex ensure that customers have a seamless and safer way to make ACH transfers for account funding.”

Melbourne, Australia-based Airwallex intends to continue to grow its team in the US, across product and engineering, legal, risk and compliance, partnerships and sales.

In July this year, the fintech launched its online payments app on Shopify to help merchants accept cross-border payments.

The payment gateway plugin is offered through Airwallex’s payment acceptance solution, which covers a number of payment methods, including Visa, Mastercard and UnionPay bank cards.

Airwallex has raised more than $800 million in funding since it was established in 2015 in Melbourne, Australia. It now has over 1,200 employees across 19 locations globally.