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Plaid rolls out identity and KYC integration in Canada

Plaid rolls out identity and KYC integration in Canada

Plaid has announced it will enable its identity verification and KYC solutions in Canada, to help users comply with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requirements.

A blog post published by Plaid’s head of identity, Alain Meier, explains that through a single Plaid integration, Canadian companies will be able to verify the identities of users from more than 200 countries.

Launched in May 2022 and already available in the UK and US, Plaid Identity Verification, Plaid IDV, will allow customers to comply with multiple FINTRAC verification methods, such as direct integration with credit reporting agencies in line with the supervisor’s credit file and dual-process requirements.

Plaid’s movement toward delivering an in-house identity solution began with its purchase of identity compliance platform, Cognito, in January 2022. The deal was reportedly worth around $250 million. At the time, CEO Zach Perret stated: "With Cognito, the next major step in our journey is to help developers build the best and most seamless onboarding experiences across all of these areas. 

"This means simplifying every step of the consumer journey from their first interaction during signup, to the first magical moment delivered by that product - the first time sending money to a friend, or the first time trading a stock or cryptocurrency."

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