We’ve had a great response to the private launch of the Pardna App. But a few users have asked why they need to link the app to their bank, and what that means exactly.
Well, there are several reasons
- You need to know that the people in your pardna group are who they say they are in the app, for your own peace of mind.
- We need to be sure we are sending your pardna money to the correct account.
- You want to instantly authorise your pardna contribution without having to enter card details, or having us store your card details.
- You want to be able to invite your friends and family to the pardna groups you create.
- Plus, the FCA say that we need to check everyone’s identity.
So how can all this happen in a way that literally takes seconds, is safe, secure and doesn’t require you to send in a screenshot of your passport and two forms of ID? 🤔
The answer to that question is Open Banking. Open Banking is the new regulated way for you to grant apps like Pardna permission to be sent certain types of data held by your bank. Pardna App uses Open Banking to make the app safe, secure and seamless.
So, linking your bank account serves four important purposes
- Identity verification ✅ – We leverage the identity information the bank already holds about you to verify your identity. When you link your bank they tell us who you are. Because this information is coming from your bank it is undisputed proof of who you are. It takes seconds and saves you having to jump through hoops in order to prove your identity in other ways.
- Pardna payout account 💰 – When you link your bank, your bank tells us where to send your pardna payout. As this information is coming from your bank there is no chance of us sending your pardna money to the wrong account, or you accidentally giving us the wrong details.
- Pardna contribution 💰 – Allows you to authorise your pardna contribution (commonly known as a “hand”) in just a few taps. Takes seconds.
- Unlocks the app 🔑 – Once you have verified your identity (including your email and mobile number) you will be able to invite your friends and family to your pardna groups, and also accept group invitations from them.
And for your extra peace of mind
- Our FCA authorised technology partner TrueLayer provides the connection via Open Banking protocols and… well, basically they are super secure, fully regulated and above board!
- Don’t worry, we absolutely cannot “poke around” in your bank account!
- Only YOU can authorise outgoing payments.
- You will never share your banking app password with us or anyone else on Pardna App – we do not see or store it.
- You can be sure that the friends and family you will be saving with will also be verified! No fake profiles.
Linking your bank account is safe and secure. It increases security of all users and ensures your Pardna money is paid out to the right account. 👍🏾
So don’t be afraid, link your bank, create a pardna group and invite all your close friends and family to join you. Get started today! 🙂