- Can my bank accounts be accessed through Monefly? Monefly is not a transactional service like a bank or credit card company. We provide a secure website that helps you view your financial data, habits, patterns and trends, that helps you make better financial decisions using Monefly’s innovative tools. It's impossible for you, us or anyone else to move or remove money from your financial accounts using Monefly.
- How do you get access to my bank data Your data is licensed to us for a fee by Yodlee, a global leader in banking technology. Yodlee has more than 70 million users worldwide accessing their personal account transaction details through more than 1,000 websites worldwide – all bound to the same security standards. Connecting to the Yodlee platform gives Monefly access to a global network of more than 14,000 connections to financial institutions, billers, reward networks, and other end points. Many of the both Australia’s and the worlds leading financial institutions, including 12 of the top 20 US banks use Yodlee technology to deliver online services to customers because of their exceptional reputation in bank-level security. You can be sure your banking logins are protected to the highest standards possible and only ever stored with Yodlee under security standards audited by the US government.
- How does Monefly access my financial information? Monefly lets you control the set up and connect to your bank accounts, credit cards, loans, superannuation and investments via our Yodlee integration. It does this by asking you to link each account by user name and password. Your user name and password credentials each bank account are managed by Yodlee. Your financial institution user name and password details are encrypted and stored (in encrypted form) by Yodlee using multi-layered hardware and software encryption. Monefly cannot access, view or store this information.
- How does Monefly help me increase my financial security? With our mobile apps, notifications and emails, you can control how you are notified of upcoming bills, budget variances and unusual transaction activity or changes to your accounts. Monefly helps you set up round the clock surveillance on your accounts, so you can rest easy knowing you’ll be kept informed if anything unexpected happens.
- What bank level security & encryption do you have in place? To ensure all your data is safe at all times, we adhere to rigorous industry standards for transmitting sensitive financial information. We protect all data using advanced 256-bit encryption and it’s exactly the same standard as the banks are required to use. We do not store any of your bank login details on our server and are prevented from doing so by the data provider Yodlee.
We hope this helps clear up a few things. As always we are here to help, so let us know if you have any other questions!