US-based open banking platform Plaid has rolled out Identity Verification and KYC solution Monitor in Canada to help firms verify the identities of users from over 200 countries.
The solutions will enable digital finance apps and services adhere to Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the country’s national financial intelligence agency.
The aim is to confirm users’ identities while lowering instances of fraud during the onboarding process.
A single solution, Plaid Identity Verification (Plaid IDV) can be personalised for compliance 2ith various FINTRAC verification methods.
It directly links with a credit reporting agency to adhere to FINTRAC’s credit file and dual-process verification methods.
Plaid helps connect users to other third-party financial applications. The fintech firm forayed into the Canadian market in 2018.
Among its recent partners include US-based challenger bank Current and fintech and bank holding firm Green Dot.
In a blog post, Plaid head of identity Alain Meier said: “A top challenge for many Canadian fintechs is understanding KYC requirements that apply to their business and navigating Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) verification methods.
“That’s why we built an all-in-one solution so you can focus on building great products and experiences while we help you take care of compliance. Plus, we’re making verifying identities as easy as account linking to help onboard new users quickly, safely, and securely.