With your consent, Wealthsimple uses two third-party software services, Flinks and Plaid, to automate pulling your external account information. We use these third-parties to help make pulling your external information as efficient and secure as possible.
When does Wealthsimple use Flinks and Plaid?
There are two circumstances where we might prompt you to use Flinks or Plaid to facilitate actions in your Wealthsimple accounts:
Initiating an institutional transfer
Flinks allows us to process your institutional transfer requests without having to ask you for every single detail about your account. This makes your account transfer information more accurate and helps to prevent the need for asking you to fix something later on.
If you would like to opt out of using Flinks or Plaid for an account transfer, you may choose a manual option by selecting to use a different method when prompted in the app.
Linking a bank account
Instead of manually entering your banking information and having to provide a supporting document, we ask you to connect your bank account by using either Flinks or Plaid.
If you would like to opt out of using Flinks or Plaid to link your bank account, you can fund your account through INTERAC e-transfer instead.
Security of Flinks and Plaid
When you use Flinks or Plaid, your data is tokenized and encrypted. Both companies have passed one of the most strict technology audits, known as the SOC 2 audit. They also regularly undergo compliance and penetration testing.
You can read more about the security of Flinks and Plaid through the resources below:
- Wealthsimple’s Data Security Policy
- Plaid’s Personal Information Policy and security practices
- Flinks’ security and privacy practices
- Flinks’ Privacy Statement
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