How secure is MYNANCE?

 

Your connection to MYNANCE is always encrypted. This means that all information that goes between your internet browser (e.g. pages, images etc) can only be read by the server or your computer - even in the case that someone else is ‘listening in’ to the connection they will not be able to read any of the information that is being transferred - they just get scrambled garbage.

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How does MYNANCE protect my banking data?

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We understand that protecting your banking information is extremely important.  Because of this, we have chosen to use Yodlee, a third party provider who specializes in providing the secure connections necessary to provide bank transaction feeds. In addition to using Yodlee, it is important to note that the access we are granted is "view-only", which means that you cannot move funds between - or out of - any of your accounts using MYNANCE. 

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There are two ways software can access transactions from banks: direct feeds and third-party bank feeds. Direct feeds exist where a bank has a relationship with the software provider, whereas third-party bank feeds are connected via bank feed providers like Yodlee.

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We'd love to connect to banks directly, however, the overwhelming majority of banks don't offer this as an option. Thankfully, bank feed providers developed their own technology to connect to banks and download transactions on behalf of the customer. This allows them to provide connections to a wide range of banks. Thanks to Yodlee, MYNANCE can connect to over 12,000 banks and institutions worldwide! 

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Yodlee is the industry leader in account aggregation services. Founded in 1999, this US company provides digital financial solutions for over 20 million paid users and provides bank feeds to many applications including: Xero, Billguard and Personal Capital. 

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Yodlee has experienced no known breaches to date, and we place our own trust in them and their practices. MYNANCE employees use bank feeds to sync up their personal MYNANCE accounts.

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Here is a link to the Yodlee website if you would like to more information on their security.