Financial services company, Plaid, announced today their commitment to expanding open banking's positive impact on Canadian consumers and businesses.
Plaid, a San Francisco based FinTech giant, has officially opened it's first office in Canada located in downtown Toronto.
The team at Plaid has been working to meet the digital financial needs of Canadians since 2018 and will now be in a stronger position to support critical functions for the Canadian market, including financial institution partnerships, policy, sales and account management, software engineering, and product management, among others.
In addition to opening their first Canadian office, Plaid has also announced a data access agreement with RBC, the largest bank in Canada.
The agreement ensures API-based financial access for more than 14 million RBC digital clients, who will have the ability to securely connect to the 6,000+ apps and services on Plaid’s data network.
RBC, which is the 5th largest bank in North America and the 8th globally by market share, is the first of the Big 5 Canadian banks to adopt the open banking framework by allowing consumers to securely access and control their own financial data.
Going forward, Plaid is striving to work with more Canadian stakeholders to ensure financial access and connectivity that best serves Canadians.
ReInvestWealth has utilized Plaid's APIs to connect with financial institutions in Canada since 2019. Plaid's latest announcements ensure more reliable bank connections and higher quality financial data for ReInvestWealth and it's clients.
As open banking in Canada gains momentum, ReInvestWealth is more committed than ever to technological innovation in the cloud accounting industry.
Check out ReInvestWealth's free accounting app for Canadian small businesses.