How does Plaid work?
Plaid allows us to create a secure connection between your bank and the platform. Through this connection, Plaid pulls any financial data required while thoroughly securing your business-sensitive data. All the account numbers, balances, deposits, and withdrawals are being transferred through encrypted tokens. Your actual account data remains safe and secure.
Is Plaid safe for Brokermint payments?
Yes, there are a number of reasons why we trust Plaid with our financial operations.
When you use Plaid to connect a bank account to an app, it keeps your data safe and private with best-in-class encryption protocols like the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS).
To help ensure a secure account connection, Plaid built its own multi-factor authentication (MFA) in case your financial institution doesn’t offer one. With Plaid’s MFA as a backup, almost all logins feature this extra security step.
Secure cloud infrastructure
Plaid uses modern cloud technologies to host the Plaid API. By using cloud infrastructure, they’re able to leverage years of safety enhancements to better protect data.
Around-the-clock monitoring protects your data
Robust safety monitoring, automated alerts, and a 24/7 on-call team help Plaid quickly respond to and resolve any potential issues, so you can be confident your private information is secure.
Independent security testing
Some of the most trusted security researchers, app developers, and financial institutions regularly audit Plaid's API and security controls. Also, their bug bounty program makes sure anyone, anywhere can help make Plaid systems safe.
The future of fintech
Plaid shares its security practices and technologies with its partners to make sure we’re moving toward a more secure digital financial ecosystem together. The Plaid team continuously works with fintech companies and banks to push the entire industry forward.
That said, we consider Plaid as a reliable provider with continued investments in security and privacy.
Note: Some pieces of the content are citing the official Plaid webpage.