Version: Sage 50c Pastel Partner
I really like the idea of bank feeds. I really like the idea of connecting directly to our bank via Pastel to import our bank statements. But I'm really worried about security and just where our credentials (and banking transaction data) is stored. In a previous post Kay Ramahala mentioned in that Pastel uses Yodlee as a "3rd party bank feed provider"...
Here are my questions:
Q1. Where are my login credentials for my bank account stored? Are they saved on my local computer, or, are they on Yodlee?
Q2. When I download my bank statements, besides having a copy on my own machine where Pastel is installed, who else has this data on their servers? Does Yodlee?
Q3. If my data is indeed sitting on a 3rd part bank feed provider, what is their policy in terms of data privacy and protection?
Q4. Everyone knows that even "the best" companies can get hacked. Including Yodlee. This is why I worry for my banking credentials to be stored somewhere on some other company's server. Are there any recommend security recommendations to setting up a bank feed? For example, would it be recommended practice to set up another user account at Nedbank, FNB and Investec that only has the ability to download transactions? So if it ever happens that the credentials do get misused, there's nothing significant other than a data breach which can happen.
Good Morning Michelle,
Thank you for your question. Yodlee provides the link to retrieve your bank statements. While your login details are stored by Yodlee it is encrypted in the same way as your details are encrypted by the bank.
When you request a bank feed this information is sent directly to your computer. Yodlee does not keep any copies of the data they only provide the link.
To see the Bank Feeds terms and conditions Click Here.
With regards to your concerns about having your information shared on another server, this is completely understandable, there has not been a data breach yet and as advised the level of encryption is that of your bank. You can however visit the Yodlee site for further information.