MyFundedFutures has introduced ACH payments powered by Plaid, providing a fast and secure way for users to make real-time automated payments directly from their bank accounts. This new feature offers enhanced convenience for managing transactions on the platform.
What is Plaid?
Plaid is a service that securely connects users’ bank accounts to a variety of financial apps. Plaid supports thousands of applications that help people manage their financial activities, including:
- Venmo (peer-to-peer payments)
- Betterment (automated investing)
- Chime (online banking)
- Dave (earned wage access)
How Plaid Works:
- Select Your Bank: When using Plaid-powered apps, users choose their financial institution from a list and enter their login credentials.
- Data Encryption: Plaid securely encrypts and shares specific data (e.g., account balance) with the app without exposing login details.
- Ongoing Connection: Plaid maintains a secure and continuous link between your bank and the app for seamless financial transactions.
Security and Privacy
Plaid offers end-to-end encryption, multi-factor authentication, and continuous monitoring to protect user data. Users control their data, deciding what to share and for how long. Plaid does not sell data and only shares it with explicit user consent. Now live on MyFundedFutures, ACH payments through Plaid streamline the process of linking bank accounts and managing financial transactions with greater security and ease.
