How it Works
At Fiscility, your financial security is our top priority. To provide our service, we leverage Plaid, a trusted open banking platform used by leading financial apps worldwide. Plaid allows us to securely connect with your bank account, retrieve your financial data in real-time, and display it in your Fiscility dashboard.
What is Open Banking and How Does It Work?
Open banking is a secure way for financial institutions to share your data with third-party services, like Fiscility, but only with your explicit consent. This process is designed to empower you, giving you more control over your financial information and access to innovative tools.
Plaid acts as the bridge between Fiscility and your bank. It handles all the sensitive parts of the process, including authenticating your account and securely retrieving transaction data. Crucially, Fiscility never sees or stores your bank credentials or financial data directly—Plaid handles all of that for us.
Real-Time Data, No Storage
Unlike many platforms, Fiscility does not store your financial data. Every time you load the app, we make a fresh, secure call to Plaid to fetch the latest transactions from your bank.
No Caching or Storing
Your financial data isn’t stored on our servers. So you don't have to worry about security risks or your finances being leaked.
Always Up-To Date
The data you see is pulled directly from your bank at that moment. So you never have to worry about stale data or information.
Load Times Explained
Because we fetch your data in real time, you might notice a slight delay as we retrieve and display your financial information.
Your Peace of Mind,
Our Commitment
By not storing your financial data, we take an extra step to prioritize your security and privacy. While it may mean a slight trade-off in speed, we believe the peace of mind that comes with knowing your financial information is never stored is well worth it.
Fiscility is here to empower you with insights into your finances while keeping your security and privacy at the forefront. With the robust security of Plaid and our commitment to real-time data handling, you can use Fiscility confidently, knowing your financial safety is our top priority.
Authentication and Consent
Plaid guides you through selecting your bank and securely entering your login credentials. Your credentials are never shared with Fiscility. Plaid uses them to authenticate your identity with your bank.
Once authenticated, Plaid asks for your consent to share specific financial data—like transactions and balances—with Fiscility.
Plaid Generates an Access Token
Once you grant consent, Plaid exchanges the temporary session data for an access token:
The access token allows Fiscility’s backend server to retrieve your financial data via Plaid.
This token is securely stored by our backend, but it does not include sensitive information like your bank credentials.
Retrieving Your Financial Data
Now that the connection is established, each time you open the Fiscility app or refresh your dashboard, our backend server uses the access token to make a secure API call to Plaid.
Plaid retrieves your latest transactions and account information directly from your bank. This fresh data is sent back to our backend, formatted, and displayed in your Fiscility dashboard.