Plaid is a well-known service that connects your financial information with any application or platform. But a lot of people do not know what is plaid. If you are willing to share your information with anyone like your company or any relative then Plaid helps to get access and share it over different financial platforms. The most famous platforms that use plaid are NerdWallet and Venmo. These are well-known names in the financial world.
You can say that it is a middle man like when you are doing transactions. It is only applicable to the world’s leading financial service platforms. The main reason why people use it is that it ensures that the third party who is liable to follow the confidentiality should ensure that the data is safe. These connections are highly reliable as per the Plaid website. Do you know that more than 11,000 financial companies in the US are using this platform?
So, the data can be handled carefully as people use it in so many ways. For handling such data it requires the right kind of expertise, people, and the right software. It is not feasible for any financial institution to share on its own. Therefore, everyone prefers to use the help of Plaid.
Plaid data points to remember:
People ask that is plaid safe. Well, these are the points that are the most important thing for plaid and they take good care of it and even guide the users.
- It involves the account holder’s information as it mostly has personal details that should only be shared on request.
- Then comes the transaction details that have all the information related to the amount you sent or someone sent you and the amount.
- Lastly, there are the account details which are very important and should not be shared lightly. It is very important and should be shared if asked and it has a lot of importance in these data points.
If you have more than one account and you are sharing with multiple accounts then you must share this necessary detail with Plaid. All the information regarding your accounts and transactions should be shared even if you have multiple cards.
How does Plaid work?
Plaid is not just any application there is a team behind it. You don’t have to have the app and make accounts and download multiple apps for it. It is the perfect platform that makes it so much easier for you to handle all your transactions. People with multiple accounts and cards also find it to be safe and easy to use. You will find it to be more of an eligible app that will follow all the requirements that you look for in a safe financial platform.
Of course, you have to provide necessary details like the following:
- You have to find your financial institution in their list
- Enter the financial accounts information that you should know will be safe
- Do authentications for taking preventing measures for safety
- Select all the accounts you want to connect through Plaid
- Also, make sure that in the last connection the applications for service
When you provide the details of your accounts, Plaid will check whether it is right or not. It will gather all the necessary data to make sure everything you have provided is authentic. Also, during that time, it shares the information with the specific app you want to use. The whole information is saved on plaid and it does not charge you to add your information. However, the app wanting your information will have to pay a fee to the platform.
You should know that it is a reliable network that is working as a safe medium in the United States.