ProMotion rewards active people with cashback offers, whenever they purchase products or services from any of our partner brands. Pretty cool, right? We think so too!
The way that we verify the purchase, is by accessing transactional data, which confirms that you made the transaction with the partner brand, and allows us to subsequently give you cashback. It also allows us to predict the types of offers which would be most suited to you, and show you those first and foremost in our app. This means you won’t have to sift through irrelevant offers to get to ones that appeal to you, although you can always search for one if you like.
Why can ProMotion process transactional data from my bank? I thought only banks could do this?
The introduction of the revised Payment Services Directive (EU 2015/2366 PSD2), which became the law in Ireland in 2018, requires banks to open their payments infrastructure and customer data assets to new forms of payment organisations. This basically means that your financial information is not just owned by the bank, but belongs to you, and you can share it in ways that will benefit you, via “open banking”. Your financial information belongs to you — you should control where it lives and how it's used, and use it to your benefit, rather than just for the sole benefit of your bank. Since this legislative change, you are now more protected, and it allows for more competition in the market, lowering prices for the consumer, and giving you more options to save money, to get out of debt, and basically gives you more options with your finances, like by using ProMotion, for example.
We use the Plaid API in our app, which is used by over 4,500 companies, to safely connect your financial accounts to apps and services. You are probably already using plaid without even knowing. Plaid will never share your data without your consent, and they don’t sell or rent your financial information to outside companies. Plaid uses best-in-class encryption protocols like the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS). They also use modern cloud technologies to host the Plaid API. By using cloud infrastructure, we’re able to leverage years of safety enhancements to better protect data. To help ensure a secure account connection, Plaid built its own multi-factor authentication (MFA) in case your financial institution doesn’t offer one. Robust safety monitoring, automated alerts, and a 24/7 on-call team helps Plaid quickly respond to and resolve any potential issues, so you can be confident your private information is secure.
This is why we chose Plaid as a means of verifying your transactions – because it is super secure, easy to use, and only gives us access to the data we need, and nothing in excess of that.
For more information, visit: https://plaid.com/safety
Don’t take too much advice. Most people who have a lot of advice to give — with a few exceptions — generalize whatever they did. Don’t over-analyze everything. I myself have been guilty of over-thinking problems. Just build things and find out if they work.