The security of our users is our primary concern, that’s why we’ve chosen to be completely transparent regarding the bank feeds implementation. The KashFlow Automatic Bank Feed service is being powered by Yodlee, the market leader in aggregation of data from banking and finance institutions. Yodlee is set to be listed on the NASDAQ exchange at an initial offering of $75 million, and it is already used and trusted as a third party banking solution provider by over 15 million users and over 750 organisations.
Yodlee has more than 15 years experience of integrating into the largest banks in the world and can guarantee KashFlow users the highest data security levels possible. Also, this is a completely optional service that users can also opt out of at any time.
How it works
KashFlow has built Yodlee directly in to the main KashFlow application. This means that when you go to set-up bank feeds, a secure encrypted connection is established between KashFlow > to Yodlee > to your bank. The appropriate transactional data is then downloaded and standardised in a format which KashFlow can then read and process.
Automatic bank feeds are only available on the new KashFlow user interface, and not on the classic UI. Furthermore, to use automatic bank feeds, you must explicitly enable the Automatic Bank Feed service (which can be disconnected by you at any time).
Multi-factor authentication (known as MFA) is one of the latest technologies supported by banks and is now in use with the majority of UK high street banks in some form. MFA is an additional security measure which is required whenever you attempt to log in to your online banking which validates if it is you or not. This is achieved normally using a secondary device in conjunction with your card. These tools greatly reduce the possibility that a unauthorised person could access your online banking.
KashFlow has built support for multi-factor authentication to the bank feeds service and we explicitly recommend all users to enable it where possible. If you would like to enable this functionality on your online banking, contact your bank and ask for further information.
Do you store my login information?
No, KashFlow does not store your online banking credentials.