5 days ago
Crypto.com partners Plaid for instant asset transfers
today announced a new integration with Plaid to allow users to easily transfer their investments from other platforms to without needing to sell and therefore incur taxes.
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The offering is enabled by Investments Move, Plaid's new product that securely and digitally automates brokerage account transfers and reduces operational complexity, which can shorten the time it takes a user to successfully submit a transfer to less than a minute. Participating users can earn up to a 3% stock transfer bonus.
Investments Move, launched by Plaid in October 2024, streamlines the data collection process for the Automated Account Clearing and Transfer Service (ACATS), which is how U.S. investments are moved without being converted to cash. Using Plaid to connect accounts and retrieve information for an ACATS transfer eliminates the need for manual data entry and reduces errors that commonly cause transfers to fail. Users no longer need to download brokerage statements and type information into a form. Investments Move effectively and efficiently captures the data needed to move investments from one account to another—without selling securities and incurring taxes. It can be used when opening a new brokerage account or transferring IRAs.
'We are thrilled to partner with Plaid to make it easier for our customers to transfer their brokerage accounts and assets from other platforms to ours,' said Travis McGhee, Managing Director, Global Head of Capital Markets at 'Enhancing the customer experience with innovative products and partnerships are critical to our overall growth, and utilizing Investments Move is just another step in creating a best in-class platform.'
'Investments Move is another example of how open finance is making it easier for people to manage their money,' said Brian Dammeir, Head of Payments and Financial Management at Plaid. 'Manual ACATs processes are prone to errors that cause frustrating rejections for consumers. By powering transfer flow, we're helping millions of investors move assets seamlessly and freeing up their teams to focus on growth, not ticket-driven support.'
Investments Move is available to users in the U.S.
