Plaid Privacy and Security

Maton's Avatar


13 Feb, 2024 03:24 PM

In the blog post about MoneyDance+ (, you talk about how Plaid is a necessary evil because bank support for direct OFX connections has been waning. You also mention that you joined the Financial Data Exchange (FDX) organization to try to influence positive change. It's documented elsewhere ( how bad Plaid is with even honoring its own privacy policy.

The blog post also described the steps you've taken to encrypt information received by the Moneydance server so that Infinite Kind cannot decrypt it. It sounds like an excellent implementation. Are you able to advance a proposal to the FDX to enhance the standard to implement something similar? Plaid would be fine if the bank encrypted all of the data with the public key generated by Moneydance before letting the data leave their system. I would think that a bank like Chase that is hyper-concerned about security would love to endorse a proposal like this.

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