Railsbank and Plaid have formed a strategic partnership enabling any company in the U.K. to directly embed open banking-style payments into digital flows.
The deal brings Plaid’s API for initiating a payment directly into Railsbank’s banking-as-a-service platform that powers account-to-account transfers including bank and card payments, subscription purchases and paycheck advances, the release said.
Through Plaid’s API, Railsbank customers can accept instant bank payments from within their app or website without having to go through a separate onboarding process, according to the release.
Visa was an early financial backer of Railsbank, a London company founded in 2016 that recently
Visa last month
When testing Railsbank’s Plaid-powered solution for opening new accounts, U.K.-based digital bank ikigai said the streamlined process dramatically reduced the number of steps and cut new account-opening time in half, the companies said in the release.
“We are creating one of the major building blocks that makes embedded finance a viable proposition for virtually every company or brand in business today,” said Nigel Verdon, Railsbank’s CEO and co-founder, in the release.
“As fintech-powered payments and digital wallets gain prevalence, more companies will seek to leverage the power of APIs through partnerships like Railsbank and Plaid to make it easier to move money online,” said Keith Grose, Plaid’s U.K.-based international head.
Railsbank is working with
Last year Railsbank finalized its
