Finance & Economics

Plaid Rolls Out Identity and KYC Integration in Canada

Plaid has announced its intention to introduce its identity verification and KYC solutions in Canada.

Plaid Rolls Out Identity and KYC Integration in Canada

Source: Pixabay.com

The solutions will be implemented so that the company’s users can meet the requirements of the Center for Analysis of Financial Transactions and Reports of Canada.

In a blog post published by the head of the identification department of Plaid, Alain Meyer, it is said that as a result of unified integration with Plaid, 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 the USA, the Plaid IDV identity verification system provides customers with the opportunity to comply with a variety of verification methods, including direct integration with credit reporting agencies in accordance with the credit dossier of the supervisory authority and the requirements of the dual process.

The implementation of Plaid’s intentions to create its own identification solution began with the purchase of Cognito, a platform for ensuring compliance with identification requirements, in January last year. The amount of this transaction was about $ 250 million. At the beginning of 2022, the company’s CEO Zach Perret said that the implementation of the deal will allow developers to create the best and most smooth interface for implementation in many spheres of life.

The head of the firm also noted that a high-quality interface guarantees simplification of every step of the consumer journey from their first interaction during registration to the first experience of using the product – the first sending of money to a friend or the first trading in stocks or cryptocurrency.

The ideology of activity of Plaid is to democratize the financial services sector as much as possible through the active use of advanced technologies. The company generates a consumer experience, an infrastructure that is convenient for developers, and intelligent tools that make it possible to create products that solve big problems.

As we have reported earlier, Plaid Publishes Response to CFPB’s Data Right Proposal.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.