Plaid is an external partner that allows us to verify your details using new smart technology. It does this by providing a safe link between us and your online banking service.
Fraud is a big problem in the insurance world. And companies often increase their prices to make up for the money they lose because of it. By verifying your details this way, we’re able to avoid those losses upfront and save you money straight away.
The information will be used to:
Plaid are authorised and regulated by the Financial Conduct Authority (same as us). And they can only see the information you agree to share. They do not have access to your funds, or to sensitive data like your passwords. They’re used and trusted by global financial services like Monzo and Transferwise, so you’re in very safe hands.
Please click the following link https://www.openbanking.org.uk/faqs/ if you'd still like to find out more about this new technology.