What Is Plaid?

Plaid is a fintech firm that acts as an intermediary between your financial accounts and third parties that require access. When you link your bank or credit card accounts to an app like Q.ai, Plaid protects your sensitive login information.

Understanding Plaid

Plaid is a financial services firm that companies use to link to external accounts.

Fintech companies like Q.ai, other investment apps and payment services like PayPal are among Plaid’s bread-and-butter customers. You may have used it yourself when linking your bank account to these apps.

Think of Plaid as a go-between for financial firms. Essentially, the service simplifies the connection between financial institutions like banks and third-party apps that may structure or manage data differently.

When a company’s users need to link external accounts, Plaid streamlines the process. It authenticates financial information, securely transfers sensitive data and reduces fraud risk.

How Plaid works

Unlike many apps, Plaid doesn’t require everyday consumers to create an account. Instead, services that use Plaid, like Q.ai, integrate it into their tech stack. Then, when those services’ users want to link to external financial accounts, Plaid pops up.

At that point, you’ll be prompted to follow a series of steps, typically including:

  • Selecting the external financial institution in question
  • Entering that account’s username and password 
  • Authenticating your information 
  • Choosing which financial accounts to connect
  • Authorizing the final connection to third-party service

Through this process, Plaid verifies ownership of your bank accounts and other information. Then, it securely shares this data with the app you want to use.

Why trust Plaid?

Plaid is considered a safe platform thanks to its advanced encryption and transmission protocols. The company boasts 7 global offices and eligibility to link with over 10,000 financial institutions. (Though not all accounts can connect via Plaid.)

Plaid’s security and safety features include:

  • Identity verification
  • Multifactor authentication (MFA)
  • Legal compliance
  • “Bug bounty” programs
  • Complementary risk management processes with linked apps

Plaid also prevents third-party apps from accessing your accounts’ login credentials. Instead, Plaid simply notifies the app that the login went through.

How does Plaid impact Q.ai investors?

Q.ai has partnered with Plaid to simplify and secure account linking for our investors. Using Plaid, you can instantly fund your account while enjoying advanced protection against fraud and returned payments.

How to link Q.ai to your external account with Plaid

Linking a major bank in your iOS or Android app is easy:

  • Tap Account Settings in the upper-left corner of your dashboard 
  • Select “Bank Account” 
  • Tap “Connect Bank Account” to use Plaid
  • Follow the onscreen instructions

(Note that the name on your app and bank account must match to verify your identity.)

Following a successful connection, you’ll receive a confirmation email informing you your account is ready to be funded. Generally, you can connect your account immediately, but if you require assistance, the connection can take up to 5 days.

What this means for you

Q.ai’s partnership with Plaid means that you can enjoy an extra layer of confidence that your money is secure. Our partnership also removes obstacles for investors who are ready to start investing today – without compromising your security or data.

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