22seven is an automated assistive technology that uses secure HTML data-aggregation technology to gather account information from different sources. What does this mean in plain English though, especially when it comes to security and privacy?
22seven securely gathers account information directly from internet banking websites. We do this by partnering with an international security and data-aggregation company with a rock-solid reputation – Yodlee. They’re true experts in the security industry and are actually audited like a bank in the U.S. Their services are also used in South Africa by the likes of Investec, Sage Pastel, and Nedbank.
Yodlee develops secure data-collectors for every service provider supported in 22seven. These data-collectors scour your internet banking website’s HTML code, looking only for very specific account information. They’re 100% read-only, taking data directly from your internet banking profile and displaying that in 22seven as is. Basically, a straight copy and paste.
Without any direct data-sharing agreements between 22seven and our supported service providers, we have to rely on information that’s readily available for free. Your internet banking profile is where this information is already freely available. This way, we can keep the app 100% free!
22seven only gathers the following from linked internet banking profiles:
- account names
- the last 4 digits of the account numbers
- account/holding balances
- transaction dates, descriptions and amounts
So, when linking your accounts to 22seven, you’ll be asked to provide your internet banking login details.
Of course, this can be scary for new customers, but your login details are kept safe and secure every step of the way.
Once entered into the app, your login details are immediately encrypted and sent straight to Yodlee’s guarded data-vault. They’re safely stored until you authorise an account update in 22seven. Ideally, the update process should take no longer than 10 minutes from start to finish. It’s entirely automated, so no human beings are involved in this process.
Our data-collectors will gather, encrypt and sanitise your information before sending it to 22seven. Everything is effectively de-identified, where all unique identifiable characteristics are removed from the data. Tracing this information back to you is practically impossible.
We work very closely with Yodlee to ensure that what we collect is as accurate as possible. Once 22seven receives your data from Yodlee, we let our categorisation and Nudge tech take over, stylishly sorting your banking data in a way that gives you insight into your spending behaviour. We like to think that our tech wizardry makes engaging with your money far less scary (and a lot more fun).
Of course, like with any tech, there can be problems during this data-collection process. We rely on information displayed in website code, so there’re instances where our data-collectors misread that code. When we expect websites to look and act in a specific way, any changes or errors in the website code may cause our data-collectors to fail. These issues can be temporary, but some may require the expertise of our data-partners to resolve.
Fortunately, problems with your accounts are easily addressed … and that’s where the Svens come in.
If you do have problems using the service, there’s a passionate support team ready to help. 22seven is committed to providing world-class customer support, so you can always rely on the Svens for prompt professional assistance. You can use our top-notch Help Centre too if you ever find yourself in a jam.
22seven is the guardian of your data, but never the owner.
We know that you place a lot of trust in us. It’s why we take security and privacy very seriously – they’re the foundation of our service.
We’ve taken the strongest steps to ensure that our security is top-grade. 22seven is audited every year by security experts, so you always receive the highest standard of protection. On top of that, we’re also insured by AIG. We’ll have you completely covered in the unlikely event of a data-breach.
Your data will always belong to you and we’ll protect it every step of the way. Your information won’t be shared with 3rd-parties, nor will it be used it to spam you. Not even our parent company, Old Mutual, has access to your data.
Rest assured, we’ll always have your back.