What information can we see, why do we need it, and how is it used?
We use the same exact technology Venmo uses (if you’ve used their app before). In fact, over 25% of Americans with bank accounts already use this same service (called Plaid, which is in the process of being acquired by Visa) to retrieve this information. At no point in time do we see your bank’s username or password. This is handled entirely between Plaid and your bank.
This practice, requesting username and password, is the standard that financial institutions have instituted to securely exchange data without exposing personally identifiable information from customers like you. If you’ve ever used TurboTax to import tax-related information from a financial institution, the Mint app to help you budget, Venmo to send money, or even the drop app to get cash back across a variety of vendors, you’ve used this same exact function we have integrated into the Paceline app. You can rest assured millions of users have safely used this technology for years.
Though we already use industry-wide practices to secure the data, we go one step further: we anonymize the data such that it’s never linked to your name or other personally identifiable information in our system.