Plaid, Mollie Aim to Streamline EU Merchant Onboarding

plaid, mollie, payments, processing, ecommerce, merchants, europe

Data network Plaid is partnering with Dutch FinTech Mollie to make it easier for merchants across Europe and the United Kingdom to open online stores and receive payments, according to a Wednesday (June 1) press release.

The tie-up will enable Plaid’s open banking data network to directly link to Mollie’s platform. With Plaid, Mollie can validate bank account ownership in real time, and merchants can start accepting payments more easily across Europe, the release stated. Previously, Mollie’s onboarding process involved multiple identity and bank account ownership verification checks.

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Initially, support is being extended to Mollie’s merchants in the U.K., with assistance for the onboarding process in France and Germany following in the coming months, according to the release.

Mollie Chief Product Officer Rogier Schoute said in the release that Plaid shares the Mollie’s philosophy of striving to develop the best payment experiences for customers. The partnership gives Mollie the chance to “facilitate quick and easy onboarding” for clients when they first sign on and when they expand globally.

Read also: Mollie Looks to Improve Marketplace Product With a Financial Services Suite for European SMBs

“Gone are the days of the overcomplicated verification method,” Schoute said in the release.

Plaid and Mollie are planning to continue developing new joint solutions to help small- to medium-sized businesses (SMBs) provide their customers with the latest digital solutions to help reduce costs and boost customer loyalty, the release stated.

The many preferred local payment methods in Europe — such as iDEAL in the Netherlands, Sofort in Germany and Bancontact in Belgium — make it difficult for many SMBs to compete and expand beyond U.K. borders, Mollie’s U.K. Country Manager Josh Guthrie told PYMNTS in May.

Read more: Lack of Payments Integration Hampers Growth at Small UK eCommerce Sites

In a study by Mollie, more than half of merchants surveyed said they were also frustrated by slow response times, indicating a need for high-quality support and customer service in the U.K. SMB space.