Circle, Plaid partner for bank checks
Global FinTech Startup and Stablecoin Issuer Circle is in partnership with a financial data aggregator Plaid to make the ACH payment verification process easier and faster and easier to transfer money from their bank to USDC.
“A transparent and reliable payment infrastructure is essential to enable global economic commerce on the Internet”, Circle Chief Strategy Officer and Head of Global Policy Dante Disparte said in a Press release Thursday (September 23).
He added that integration into the Plaid network will provide users with an experience that illustrates “how automation can fuel a frictionless exchange of value.”
See also: Circle CEO: USDC Stablecoin Too Big to Ignore
Working with Plaid is another possibility that can help Circle provide its customers with a faster way to transfer funds between fiat coins 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, legacy processes and infrastructure do not properly support the increased flow of online money between accounts ”, Plaid Head of Revenue and PartnershipsPaul Williamson noted.
Williamson added that Plaid’s instant account authentication and verification tools allow for “better cash flow experiences.”
Read more: Payments are central to the Bank-FinTech collaboration
With Circle’s Payments and Payments APIs, incoming ACH payments will be settled electronically in USDC in Circle accounts. Payments are automatically converted from USDC to US dollars through ACH transfers to any bank account.
Founded in 2013 and based in Boston, Circle enables businesses to use digital currencies and public blockchains for payments, commerce, and financial applications around the world. The USDC in circulation represents over $ 30 billion and has supported over $ 1,000 billion in on-chain transactions. Circle is the central operator of USDC, offering transactional services, trade accounts and platform APIs.