What is Plaid? Why does Collect'd work with Plaid?

Plaid is a secure platform and leading financial services infrastructure provider that powers API integrations to over 10,000 financial institutions. Plaid acts as a middleman between your financial institution and Collect’d. In addition to Collect’d, companies that also use Plaid include Venmo, Betterment, Acorns, Dave, RocketMoney and over 3000 other financial applications.   

Plaid (and other platforms like Plaid) allows you to safely connect to your financial accounts without giving Collect’d (or Plaid) your login and password information.  When you connect your account, you are sent to the financial institution’s web page to enter your login & password directly to that institution.  

If the connection is successful, Collect’d receives a ‘token’ that provides our servers limited access to your account.  With this token, your Collect’d account receives basic account information, an update of your account balance and most recent transactions.  This information is ‘read-only’ and all this information is encrypted with the end-to-end encryption model (viewable and accessible only by you), is secure and is private.