Have you ever thought that is plaid safe or not? While the fact that Plaid is used behind the scenes means that few individuals are aware of it. Plaid connects to your accounts so that third-party apps like Venmo and Robinhood can work properly. Security has become one of the most urgent challenges regarding technology, with all types of sensitive information being transferred around these days, notably financial data.
What is Plaid?
Plaid is a financial services firm that allows you to connect your bank account to third-party finance apps, creditors, and small business lenders in a secure way. This service allows you to securely link and transfers data from your business bank account to smartphone apps including financial services, lending products, and banking software. Plaid is utilized by over 11,000 financial institutions and businesses to enable managing, transferring, and investing money easier from a mobile device.
How Plaid Works:
Find and try a new financial app
There are many applications to select from whether you’re creating a budget or sending money to a friend.
Understand how Plaid powers your apps
Plaid offers solutions that allow you to share your financial information with apps that provide you with services.
Connect your financial account using Plaid
When you use Plaid to link your bank accounts to an app, you will be asked to input the username and password for those accounts. Plaid then connects your accounts to the app you want to use, allowing you to share data between them.
Plaid’s technology helps keep your data safe
We don’t share your financial institution’s username and password with your apps that help keep your data safe. We securely communicate your financial data from your financial institution to the app through our application interface once you permit us to share it (API).
Continue growing your economic lifecycle with apps powered by Plaid
Money is one of the most stressful aspects of most people’s lives. We aim to make it as simple as possible for you to share your financial information with the apps you use. Plaid connects you to your bank, whether it’s a national bank, a local bank, a credit union, an institutional investor, or a digital bank.
Plaid doesn’t charge you for our services
When you use an app like Venmo or Digit to connect your financial accounts, the app pays us a charge to enable that connection. Connecting your accounts is free of charge.
Is Plaid Safe to Use?
Plaid protects your information with the best levels of security available. When you use Plaid to link your checking account to a financial app, the business encrypts important information and sends it over a secure connection to the app. Plaid will never disclose your login and password information with the banking application related to it.
Plaid takes the following steps to keep your information safe, according to their website:
- End-to-end data encryption
- Multi-factor authentication
- Cloud infrastructure
- Robust monitoring
- Consistent Monitoring
How does Plaid maintain your privacy?
The Plaid policy allows you to achieve every piece of your personal info. Plaid can provide the following information to applications:
- Account and routing numbers
- Investment holdings
- Credit card balance and interest rates
- Student loans
- Account profile information
Popular Plaid apps for individuals & businesses
Plaid powers over 3,000 finance apps, including a few you, might be familiar with:
- You Need a Budget