Consumer payments platform Zilch has entered into a collaboration with Plaid to integrate Open Banking as part of its repayment experience.
By working together, Zilch and Plaid aim to deliver simplified and optimal ways to repay for the former’s customer base, which currently includes over 5 million users. This move will allow Zilch customers to leverage the Pay by Bank method for one-off repayments, enabling them to repay directly from their bank account.
Integrating Open Banking to power future growth
The collaborative agreement between Zilch and Plaid comes just as Open Banking usage reached 15 million users, approximately one in three UK adults, marking its fastest growth and underlining expanding customer uptake. As part of this agreement, Zilch is also utilising Plaid’s Virtual Account capabilities to further improve its payment operations. Optimal settlement tracking and built-in refund functionality will allow Zilch to offer a more customer-focused experience while also augmenting reconciliation and minimising complexity.
Moreover, as Zilch continues to expand its operations, Open Banking comes as a fundamental part of fulfilling its commitment to making payments more efficient and cost-effective. Plaid delivers secure, reliable connectivity to over 12,000 institutions worldwide and has expertise across 18 European markets. This will enable Zilch to facilitate additional, scalable repayment capabilities in the future. Talking about their partnership with Plaid, representatives from Zilch stated that, as their company is working on building a consumer payments platform that supports the advancement of commerce and is a key part of this in offering flexible ways to pay, integrating with Plaid comes as a significant step that assists in delivering on this mission. By working with companies such as Plaid, Zilch evolves its operations to meet the needs of its customers and provide a product that is transparent, cost-efficient, and personalised to their demands.
Joining forces with Plaid comes just after Zilch unveiled Zilch Pay, set to be officially launched in the first half of 2026. The one-click button will include Zilch at checkout for brands, connecting the company’s app, digital wallet, and card and enabling consumers to purchase products more efficiently, thus improving the shopping experience.
