• Carl Agers III

Online Banking: Link Your Account Safely

Updated: Jul 17

How Online Banking Changed Cash App

I find that I am slow to trust an app with my personal information. My first experience with using Venmo was at a big dinner with about 12 college students. It was my buddy’s birthday, so we went out for an all you can eat Korean BBQ kind of night. If you know anything about Korean BBQ, you’ll know that it’s a good time. One of the best things about having dinner with a bunch of friends is that (typically) one dude pays and the rest say “we’ll pay you back”. What’s great about this set up is, as long as you are not the one paying, there’s a 25% chance you’re off the hook. Except, the thing is this new thing had just become popular called “Venmo”. Venmo, like any cash app, opened up the opportunity to pay for exactly what you ate and tip with hardly any time for that forgetful friend to mistakenly forgive our debt! This was a blessing and a curse of course. Now, we have no excuse but to pay on the spot, but it also made the one who paid feel a lot better.

Linking a Bank Account Made Safe

But, why do we trust these cash apps with our banking information? I can barely trust a website for my online purchase that isn’t Amazon. So, how do we trust Venmo with sending our money back and forth?

Companies like Venmo, and American Express use this service called Plaid provides Maiven and other thriving companies access to users’ bank transactions without enabling anyone access to the account password. Plaid is responsible for all of the safety regulations used by bigger enterprises like: Acorn, Venmo, and EllieMae; ever heard of them? Plaid is like the middle man between a user’s bank and the app that is connected to said bank. But, a very secure middle man who runs routine tests, “Plaid maintains a SOC 2 Type II report by testing the design and operational effectiveness of [their] Information Security program using independent auditors.” and has, “Multi-factor authentication [that] is required for access to Plaid infrastructure.” I will not try to explain what all of that means, however I will say that all of the highest industry wide data security standards are being followed the same at Maiven as they are at your bank. One step Plaid is taking to go the extra mile is the myplaid feature. My Plaid allows for any user to control their shared data all in one place. If you have linked your bank to multiple apps, My Plaid allows you to manage all of them in the same place putting the user in control.

Why Link Your Bank Account With Maiven?

The Maiven app works like this: based on the spending habits of the user, monsters will appear that you are to shoot at in order to clear the waves. The monsters are replicas of your own spending habits. For example, if you cannot stop spending your stimulus check at Gap, well then you are gonna see a clothing monster coming like a bat out of hell for your throat. The key is, the less you spend shopping, the easier it is to get through the monsters. In other words, you benefit from saving and thinking about your spending habits in a different way. That being said, the best way to defeat your spending habits is to link them into the game. You can play the game for as long as you want with the default spending habits, but those will never help you save actual money. Once you choose to trust Maiven as you have most likely already done with a cash app, you can be assured that you will only benefit from that decision.

Is this all making sense? I’d guess you still have some reservations about linking your bank account with Maiven, and that is fine, because I’m not quite done yet. Is Maiven going to sell your data? Do we have access to your bank security data? Will anyone see my 49 purchases at the Game Center? No, no and no. We gladly do not see your passwords just like your friends will not see your spending habits (your secrets are safe with us). Spend all your money on in game purchases for clash of clans for all we care! We don’t want to know. What we do want is for you to know how much it is you are spending. That is the key, when you link your bank account to show up in Maiven, only you get visuals for how much cash you are unloading on your favorite youtuber’s merchandise website. Not your friends.

Maiven’s back end will have access to the lists of bank transactions, however, we will not have any passwords to any accounts. What this means is that your daily purchases will be kept track of, but in the most secure way so that no one will be able to steal your information or sell it. We do this so that the app can input your balance into the algorithm to create a more personalized game experience. We owe Plaid a great thanks for opening the door to safe connection of our bank accounts to our most loved applications. Whether you are the freeloader or the one who pays for the meals, the cash app has changed how you dine out. Let Maiven change the way you budget, safely and securely.


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