Mollie, one of the fastest growing payment service providers in Europe, today announced its new strategic partnership with Plaid, an open banking network and payments platform that powers digital finance, to provide improved merchant and customer experiences for financial services, including onboarding and payments.
Mollie will leverage Plaid’s API to deliver a more secure and easier bank verification experience for merchants during their onboarding. This will make it easier and faster for Mollie’s customers to start receiving payments and open digital storefronts across Europe.
The use of open banking technology is accelerating across Europe, helping companies like Mollie to improve the customer experience of its products. Plaid, which is rapidly expanding across Europe, builds the infrastructure and APIs to help companies harness the open banking opportunity. The integration with Plaid will strengthen Mollie’s position as a leading innovator, being one of the first payment service providers to offer this highly local and seamless bank account verification method. It’s part of Mollie’s commitment to help SMEs grow their business in Europe amid a thriving ecommerce landscape.
“Our customers are at the heart of our business and we are constantly improving and striving to offer the best payments experiences,” said Rogier Schoute, Chief Product Officer at Mollie. “Plaid shares this same philosophy with us and creates exceptional products. We’re particularly excited because the partnership will allow us to offer our customers a fantastic solution to facilitate quick and easy onboarding, not only the first time they join Mollie, but also as they grow their business abroad. Gone are the days of the overcomplicated verification method.”
“With the pandemic, Europe and much of the world experienced two years of intense financial digitisation, creating huge opportunities for businesses to serve customers in new ways,” said Farid Sedjelmaci, head of European partnerships at Plaid. “Embedding Plaid solutions into payment service providers like Mollie unlocks the power of open banking for thousands of merchants with significantly less time and fewer resources required to deploy and manage.”
The implementation of Plaid’s open banking solutions will kick off in the UK, with further European markets to follow in the upcoming months, including France and Germany. Mollie is currently also exploring the use cases of open banking for payments and other financial services to add further value for its B2B customers.