Circle Integrates With Plaid to Speed Up ACH Payments
- Plaid’s quick account verification will make accepting Automated Clearing House (ACH) payments faster and easier.
- Circle’s users will have all ACH payments automatically settle as USDC.
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In a press release published on 23 September, Circle announced it has integrated with Plaid, a data network providing infrastructure to the digital financial ecosystem. The integration will make connecting bank accounts and accepting Automated Clearing House (ACH) payments faster and easier thanks to Plaid’s quick account verification.
Using Circle’s Payments and Payouts APIs, ACH payments will automatically settle as USDC. The payouts will also enable automatic conversion from USDC into ACH transfers. When combined with Circle’s Digital Dollar Account APIs, this will enable customers to build treasury management and payment applications.
End users from Circle’s customers such as Linus and Dharma will be able to connect their bank accounts directly without having to share data with Circle, the company said. Dante Disparte, Circle’s Chief Strategy Officer, said that Plaid’s network will provide a seamless payment infrastructure to its clients.
“The Circle and Plaid combination has completely streamlined our business’s fiat to crypto operations, enabling a fast, fully automated journey into and out of USDC for our customers,” said Matthew Hamilton, the Co-Founder and COO of Linus. “It’s resulted in faster settlement times, reduced operational overhead, and improved user experience.”
- Coinbase has informed its customers that it will no longer provide support for Signature Bank’s Signet real-time payments network.
- The crypto exchange is now looking for an alternative payments network provider, while waiting for more clarity on the outcome of Signet.
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- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.