Payfare, which offers banking solutions for gig workforce, has announced that it is integrating with Plaid, a data transfer network that powers fintech and digital finance products.
The integration will enable Payfare users swiftly connect their account to their selected apps and services facilitating the overall onboarding process.
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Plaid allows consumers to connect financial accounts at more than 11,000 institutions and around 5,500 apps.
Additionally, the move will help Payfare launch banking features and credit products, that are currently under development, early next year.
As a global financial technology company, Payfare powers digital banking and instant payment solutions for gig workers. Its counts Uber, Lyft and DoorDash and others as its clients.
Payfare founding partner and CEO Marco Margiotta said: “The expansion of our platform to include open banking is part of Payfare’s strategic growth plan to deliver new offerings to gig workers while opening up new revenue streams for the Company.”
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By GlobalDataEarlier this year, Payfare announced that it will integrate Mastercard Send into its financial technology platform. The move increased real-time payment options for the gig economy.
On the other hand, fintech firm Circle has integrated with Plaid last month. The move will enhance the verification process for ACH payments and enable customers to convert money from their bank accounts to USD Coin (USDC).
