A lot of fintech solutions are using Plaid to connect with their users bank (Ex: Robinhood, Coinbase). I’m highly skeptical of using such integrations as you’re literally giving up your bank credentials and access to entirely financial activity on your accounts. Personally I don’t really bother a couple of days delay in setting up ACH. It’s just a few services like Coinbase leave you no option than using Plaid, apparently Chase doesn’t support ACH transfers for Coinbase. Do you guys trust Plaid?
If they mess shit up they’ll go to jail.
Ya #thathappens. Did anyone go to jail in equifax leak.
😂😂😂
These integrations barely work. TurboTax asks me to directly login to financial institutions and even put in the message “get ready to be impressed” you type in ur bank login credentials and they throw some error code.
That’s not how some new connections work. Some larger banks host their own frames within plaid so you are directly interfacing with them. Plaid is basically a middleman
Why though? I thought Plaid is only useful in scenarios where the bank wouldn't make any integration effort. If the bank is willing to interface, why no just do something like oauth?
Yeah in that case what service is Plaid even providing? Anonymity of info from the host website?
Change your credentials after using Plaid or you will eventually regret it.
Plaid offers a Dashboard to manage all connections a user makes between applications and financial institutions: https://my.plaid.com/ Therefore password changing is unnecessary.
Plaid is a mostly unified interface for 99%+ of banking customers. One integration, and they provide a bunch of pre-built flows and code snippets to use. Bigger banks have their own, but that’s still like 5 or 10x the number of integrations to do, and you won’t have coverage of First Regional Bank of Wherever that doesn’t have an API. In Europe where they have open banking standards, plaid would be almost entirely unnecessary because consumer banks conform to the same specification, by and large.
Plaid exists in Europe, however they provide PIS and AIS, not account authentication
No. Europe has PSD2 and they are no name here.
Depending on what type of account connection your bank supports, you are essentially entering your Account Number/Routing Number directly into a form hosted by the Application you are wanting to use. The Application therefore would have your banking credentials and you would have to wait for 2-3 days for the micro deposit verification. In contrast, Plaid is moving towards a directly integration with the Banks via OAuth tokens.
The concern is about access to your financial records, once you hand over your credentials, they can access all your previous billing history, current/past debt records, etc. access to all these extra records is often not required for your intended use with the end application. This is often one time use but yet they could fetch a lot of data for all the accounts under your credentials. Of course you can argue the end application has the best encryption and you can absolutely trust them to not use your personal records to target you.
Yep. Which is why Plaid also offers users their own dashboard so they can manage what information is being shared with each respective application. https://my.plaid.com/
No. Especially after my interview experience with them.
What did they do?
I don't get your point