We understand that connecting your bank account to any application requires trust. This article explains what Plaid is, why we use it, and the robust security measures in place to protect your financial information.
What is Plaid?
Plaid is a widely trusted financial technology company that acts as a secure bridge between your bank account and applications like Constrafor. Think of it as a secure digital courier. When you use Plaid to connect your bank:
- You log in directly to your bank through Plaid's secure portal (it often looks just like your bank's login page).
- Plaid verifies your account ownership and retrieves necessary information (like account and routing numbers, and sometimes balance information for specific features).
- Crucially, this is completely secure and private to you. Plaid does not share your bank login credentials (username and password) with Constrafor. We never see or store them.
Millions of people and thousands of apps and services (including major financial institutions like Venmo, Acorns, and Betterment) rely on Plaid to securely connect bank accounts.
Why Does Constrafor Use Plaid?
Connecting your bank account via Plaid is a crucial step, not just for initial setup, but for the ongoing smooth operation of services like our Early Pay Program. Here’s why keeping this connection active is beneficial for you and essential for accessing all our features:
- Accuracy: It eliminates manual entry errors when adding bank details, preventing payment delays.
- Security: It uses bank-level encryption and security protocols to protect your data during the connection process.
- Speed: It allows for near-instant verification of your bank account, speeding up onboarding and enabling faster access to features like the Early Pay Program.
- Verification: It securely confirms you own the bank account being linked, adding a layer of fraud prevention.
Please note if you change your bank login credentials (like your password) after the initial connection, this will break the Plaid connection. To ensure uninterrupted access to all features, including Early Pay, please make sure your bank connection through Plaid remains active and that your login credentials within Plaid are kept current if you update them with your bank.
Your Security is Our Priority (and Plaid's Too!)
We chose Plaid because of their strong commitment to security. Plaid uses best-in-class security practices, including encryption and rigorous third-party audits.
Furthermore, Constrafor itself is SOC 2 compliant. This means our own systems and processes related to data security, availability, processing integrity, confidentiality, and privacy have been independently audited and verified to meet high standards. Your connection via Plaid is part of this secure ecosystem we maintain.
Connecting your bank account via Plaid is a secure, standard industry practice that allows Constrafor to provide you with faster, more reliable financial services while keeping your sensitive login information private and protected.
For more details on Plaid, please visit Plaid’s safety information.