We use Plaid so that we can verify your bank account securely when you choose to pay by ACH or EFT.
This article will cover:
- Why is Plaid involved?
- What information do I need to provide?
- What happens when I provide my information to Plaid?
- How does Plaid keep my data safe?
Why is Plaid involved?
Plaid means that you can link your bank account with Plaid quickly and securely. It allows us to verify your account so that you can pay for your transfer by ACH or EFT.
What information do I need to provide?
The information that you provide depends on whether you have a personal or business account with Xe.
To connect a personal account, you will be prompted to enter the username and password associated with that account. Plaid then links your accounts to Xe so that you can share your data securely.
To connect a business account, you will enter your name, bank account number and routing number.
What happens when I provide my information to Plaid?
Plaid will verify ownership of your bank account and securely retrieve your permissioned account information from your financial institution.
They collect the data that they need so that your account can be connected to Xe securely.
How does Plaid keep my data safe?
Plaid uses best-in-class encryption, secure cloud infrastructure, multi-factor authentication, and around-the-clock monitoring to protect users’ data. In addition, Plaid works alongside trusted security researchers, app developers, and financial institutions to regularly audit their API and security controls.