Last updated, April 11th 2022
We treat your data in the same way that we’d like our own to be treated. We fully respect how banking data is even more important to protect. The first thing to clarify is that through authorising access to your bank data in Quirk you’re 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 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 things to know about how we are able to 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 Financial Ltd - we have partnered with Plaid, a world-leading open banking platform to securely connect your bank account. This allows Quirk to see your transactional data so that you can manage your finances better. In the app, you are redirected through Plaid to connect your bank account. Plaid provides you with Account Information Services (AIS) through us as its agent. This activity is regulated under the FCA.
Financial Conduct Authority (FCA) is the UK competent authority for financial services. The FCA regulates Plaid, and oversees our activities in relation to the provision of AIS. To do so we are required to be registered as an agent of Plaid, and you can find our registration on the FCA Register here. Also note that, for your protection, we only have access to your payment account for 90 days from the day you provide explicit consent. Every 90 days we will therefore be asking for your permission to renew the connection with your bank on your behalf.