We treat your data in the same way that we’d like our own to be treated. We fully respect how bank data is even more important to protect. The most important thing to clarify is that through authorising access to your bank data in Quirk you’re only giving view-only access to data such as your balance and transactions. Quirk is not able to move around your money or do anything that can put your money at risk. We also never access or store your login information. Further, your money is always protected under your bank and the FSCS. Lastly, we give you full control over your data and if at any point you wish to delete it from our servers, you can easily do so yourself in your profile (Me > Settings > Update Profile).
There are a few important things to know about how we access your bank data.
Open Banking is an Europe wide directive passed into law in 2018 that allows third party services like ourselves to get access to bank data with the user’s consent. It also required all banks to build secure systems to allow for this to happen. The ultimate goal of Open Banking is giving users control over their data while also allowing for innovation in the financial services to flourish through third party services.
Plaid - is our technology partner and the global leader in banking APIs having enabled the connection of more than 400 million accounts. They’ve built the technology that allows us to safely get data from your bank. Plaid uses 256-bit encryption which is the safest standard and used by most banks.
FCA - everything happening is under the regulation of the Financial Conduct Authority. They take all the precautionary measures to make sure any company that uses Open Banking is doing so responsibly and safely. We are operating under Plaid’s license as an agent and you can see the registration here. Also note that, for your protection, we only get access to your data for 90 days from the day you authorise your account. Every 90 days we will be asking for your permission to renew the connection with your bank.