- Why Yodlee?
- What about Security?
- How does Yodlee use my login details?
- Does using Yodlee violate my bank’s terms and conditions?
From January 2017 we partnered with Yodlee to significantly expand our range of bank feed options. Yodlee is recognised as a world leader in bank feed aggregation, with over 40 million users worldwide and over 1,000 global financial institutions, including 11 of the top 20 US banks.
We decided to partner with Yodlee to work around the limited availability of public APIs offered at this time by UK banking institutions. While there have been some encouraging developments in open banking this last year, Yodlee remain the best widely available solution for bank feed extraction.
Yodlee use a combination of automation and direct feeds to obtain statement information that is then imported safely into your QuickFile account. Yodlee is monitored by the U.S. Banking Regulators including the Federal Financial Institutions Council and the Office of the Controller of the Currency. Yodlee are also a Payment Cards Industry (PCI) Level 1 service provider and have EU Privacy Safe Harbor certification.
The login details provided to Yodlee are used strictly for the purpose of obtaining read-only bank statement information and nothing else.
This is an important question and something we have been asked on a number of occasions. Each bank will adopt their own position on the use of bank feed aggregation services like Yodlee. It is however important to weigh up the pros and cons and make a balanced decision as to whether it is right for you.
We believe that given Yodlee’s preeminent position and their established reputation for security, they offer the best solution available today. If you however would prefer not to entrust a 3rd party with your login credentials you may wish to look instead at our Chrome Bank Feed plugin.