Absolutely, open banking is a secure way to share your financial information. At Bits, we partner with Plaid, which is regulated by the Financial Conduct Authority (FCA) and recognised as a secure payment institution. Here’s how we ensure your data is safe:
Read-Only Access: Plaid obtains read-only access to your personal information, accounts, and transactions—even when you are offline. This means no money can be moved or altered through this access.
Advanced Security Protocols: Your data is protected using the highest standards of encryption, including the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS). These protocols help to secure your information from unauthorised access.
Further Information on Security: For more detailed information on how Plaid maintains the security and privacy of your data, please visit their safety page at Plaid Safety.
By using these advanced security measures, we ensure that your financial information is not only accessible but also protected to the highest industry standards. If you have any more questions about the safety of open banking or how we handle your data, please feel free to reach out.