Circle Partners With Plaid to Drive Bank Verifications for ACH Payments
Global FinTech startup and stablecoin issuer Circle is partnering with financial data aggregator Plaid to ease and speed the verification process for ACH payments and make is easier for people to move money from their bank and into USDC.
“Seamless, trusted payment infrastructure is essential for enabling global economic commerce on the internet,” Circle Chief Strategy Officer and Head of Global Policy Dante Disparte said in a press release on Thursday (Sept. 23).
He added that integrating with Plaid’s network will give users an experience that illustrates “how automation can power frictionless value exchange.”
See also: Circle CEO: USDC Stablecoin Too Big to Ignore
Collaborating with Plaid is another avenue that can help Circle give its customers a faster way to transfer funds between fiat and dollar-backed stablecoins. Circle’s USDC is one of the leading stablecoins in the cryptocurrency landscape.
“ACH payments are increasingly critical as digital finance becomes the new normal. However, historical processes and infrastructure don’t properly support the increase in money flowing online between accounts,” Plaid Head of Revenue and Partnerships Paul Williamson said.
Williamson added that Plaid’s instant Auth and account verification tools make for “better money movement experiences.”
Read more: Payments Take Center Stage Of Bank-FinTech Collaboration
With Circle’s Payments and Payouts APIs, incoming ACH payments will electronically settle as USDC in Circle accounts. Payouts automatically convert from USDC into U.S. dollars by way of ACH transfers into any bank account.
Founded in 2013 and headquartered in Boston, Circle enables businesses to use digital currencies and public blockchains for payments, commerce and financial applications around the world. USDC in circulation is over $30 billion and has supported over $1 trillion in on-chain transactions. Circle is the central operator of USDC, offering transactional services, business accounts and platform APIs.