A bank feed is an automated way to obtain statement transactions from your bank's website. Instead of manually downloading your bank statement and then importing it, MoneyWorks can use an aggregation service to fetch the transactions for you with one click.
Some important points about Bank Feeds:
- Bank Feeds are provided through MoneyWorks in partnership with Yodlee/Envestnet, a US company whose business is providing bank information. As such there is an added fee for using Bank Feeds in MoneyWorks;
- To access your bank account, you will need to provide the logon details for your bank account. There is an element of risk in doing this, and banks frown about sharing these details (although it could be argued that, because banks don't make the service available themselves, they are actively encouraging such sharing).
- MoneyWorks does not see or store your bank login details—these are all managed by Yodlee. However if a third party gets hold of your MoneyWorks file they will be able to see your bank transactions. For this reason your MoneyWorks file must be password protected for you to use bank feeds.
- Cognito Software Ltd has taken every care to protect your bank feed data and neither it nor Yodlee will be responsible for any losses or damages caused directly or indirectly through the use of Bank Feeds.
- At present Bank Feeds are only available in Australia and New Zealand. Other jurisdictions will be added later.