Plaid has announced the launch of its identity verification and KYC solutions in Canada, aimed at helping users meet the requirements of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
A blog post by Plaid’s head of identity, Alain Meier, details that through a single integration with Plaid, Canadian companies will gain the ability to verify the identities of users from over 200 countries.
Since its launch in May 2022 and its prior availability in the UK and US, Plaid Identity Verification (Plaid IDV) enables customers to adhere to various FINTRAC verification methods, including direct integration with credit reporting agencies, in accordance with the supervisor’s credit file and dual-process requirements.
Plaid’s move towards offering an in-house identity solution began with its acquisition of the identity compliance platform Cognito in January 2022 for approximately $250 million. At that time, CEO Zach Perret highlighted that the partnership would help developers create seamless onboarding experiences for consumers.
“Our goal is to simplify every step of the consumer journey, from the initial signup to the first exciting interaction with the product, whether that’s sending money to a friend or trading stocks or cryptocurrency.”