Hopscotch uses Plaid to verify your bank account information and, periodically, your bank account balance to check if you have enough funds to cover certain transactions. If your bank is eligible for instant verification, you will be prompted to add your online banking username and password (or other identifying information) after you have selected your bank.
If you encounter issues with Plaid, the best course of action is to contact your bank. Here are some frequently asked questions.
What is Plaid?
You may be hesitant to share your sensitive financial information with companies. That’s where Plaid comes in.
Plaid authenticates your financial information, permitting companies to transfer sensitive information securely. Plaid’s software sits as an intermediary between your bank or credit card accounts and other financial companies’ apps.
In other words, Plaid is used to securely connect your bank account to Hopscotch.
*Adapted from Investopedia
Is Plaid secure?
Plaid uses some of the highest encryption protocols available when sending your financial data. This includes the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS).
In addition to following best-in-class security protocols when handling data, Plaid follows a number of other security best practices to make sure that your information remains safe. With Plaid, you can be confident that your information is safe.
*Adapted from Investopedia
Is my bank data at risk?
No - Plaid uses some of the highest encryption protocols available when sending your financial data. This includes the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS). Your data is and will remain encrypted and secure.
Do I have to use Plaid?
Currently, Hopscotch requires its users to pay and get paid by linking their bank with Plaid. By using Plaid, Hopscotch protects its users with the highest levels of security possible.
Why am I having trouble connecting to my bank with Plaid?
Plaid supports thousands of financial institutions, however, there may be periods of time where certain institutions are not supported. If you run into issues with connecting your account, the best course of action is to contact your Bank and Plaid directly.
What do I tell my clients/vendors if they ask about Plaid?
If you get any questions about Plaid, we find that this is the easiest way to describe the service to clients/vendors who don't have prior experience.
- Plaid is a fintech company used by more than 4,500 companies to connect users to their bank. This includes Venmo, Acorns, Betterment, and many other leading companies. To pay or get paid through Hopscotch, you'll need to quickly link your bank with Plaid. By using Plaid, your bank details are protected with the highest levels of security possible.