Yodlee

Yodlee

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Is this an enforceable contract term, seems they are saying if our security is breached and your data stolen they will not be held liable? Would that stand up in court?

Inherent Risk of Use. In using the Yodlee service, you will be providing your banking information to the Yodlee service. As there is an inherent security and privacy risk in doing so, you provide such information and use the service at your own risk. NEITHER KASHFLOW NOR YODLEE WILL BEAR ANY RISK OR LIABILITY IN THE EVENT OF UNAUTHORISED ACCESS TO THIS INFORMATION AND IN USING THE SERVICE YOU AGREE THAT NEITHER KASHFLOW NOR YODLEE NOR ANY OF THEIR AFFILIATES, ACCOUNT PROVIDERS OR ANY OF THEIR AFFILIATES WILL BE LIABLE FOR ANY LOSS OR HARM AS A RESULT OF SUCH UNAUTHORISED ACCESS.

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By johngroganjga
11th Sep 2014 11:59

It's not simple is it.  The

It's not simple is it.  The unauthorised access might be a result of you not being careful with your password. Why should they pick up the tab for that?

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Replying to Wilson Philips:
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By User deleted
11th Sep 2014 12:59

Exactly ...

johngroganjga wrote:

It's not simple is it.  The unauthorised access might be a result of you not being careful with your password. Why should they pick up the tab for that?

... but if your data is harvested from a breach of their system they must be liable!

Surely it can't be that hard for banks to issue read only access codes to be used by intermediaires like Yodlee, I have this with some clients whereby I can access there acounts online to look up information but have no access to set payees or to make payments

My personal wish is that banks and software houses would sit down and agree a common data protocol which would require all online transactions to have a number of mandatory fields, probably 10 -12, half of which would be set by the sender and half requested by the recipient (such as nominal codes, supplier/customer codes, department codes, vat amount/code etc.).

This means books could effectively keep themselves!

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By paul.k2
11th Sep 2014 12:08

Yodlee again

There have been a number of dicussions about this and other aggregation services on AW. For me the issue isn't Yodlees Ts and Cs. Its the banks.

Yodlee first came to my attention when Xero announced links.

As far as I know, Yodlee is a perfectly respectable business supplying solutions to banks and consumers all around the world. They are not unique, but they have a high profile.

My bank, and as far as I know most UK banks, state that if you divulge your details to a third party and your account is compromised, the bank is not liable. Regardless of how it happened.

In a conversation with Yodlee I raised this question and was told they had an opinion it would not stand up in court.

On that basis I have asked them to indemnify me against costs and losses and I will sign up tomorrow. Needless to say I never expected them to and they haven't.

I would love to use Yodlee or a service like it. Aggregation services have the potential to transform the accounting industry overnight.

I make clients aware that aggregation services exist, but I cannot endorse them or advise anyone to use them.
To re-iterate, this not a reflection on Yodlee or any other aggreator, but I cannot afford to take a bank to court or advise a client to ignore their banks Ts and Cs.

 

Now if the banks were to get their act together.....

 

 

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By neileg
11th Sep 2014 12:19

Funny

Strange to see a sentence with 'banks' and 'act together' without a negative...

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By Maslins
11th Sep 2014 12:31

I think it's fairly standard to be honest.  It's a bit like car parks that have a "we're not responsible if your car gets smashed in our car park" sign.  You may think you're giving them something valuable of yours to look after (be it car or online banking login details) and therefore they should be responsible for it...but I think in both cases the reality is whilst they'll take reasonable care to keep your valuable thing safe, if someone malicious really wants to have a go at it and succeeds, would it really be their responsibility to fix?

It scares people, understandably so...but FWIW I use the Yodlee Cater Allen feed with Maslins own FreeAgent account, haven't been stung yet.

I something think people need to relax a little.  Sure, take some common sense precautions, but don't always assume the worst will happen, or you'll spend your entire life paranoid and not using really useful things.

Caveat - if anyone starts using Yodlee, or indeed car parks following my comforting words above and then gets stung, I cannot be held responsible...

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Teignmouth
By Paul Scholes
11th Sep 2014 14:12

There really is so much more to worry about

Here's only 4 pages don't fall asleep.

Everyone dipping their toes in "The Cloud" runs a risk, or more likely a number of risks, but when compared to the cyclist that jumped a red light and nearly took me out the other day, they are at the bottom of my list.

Just make clients are aware (they are probably already running many more risks than the one you add by introducing Yodlee) hit the update button and get on with the books (that's assuming that Yodlee works of course).

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By User deleted
11th Sep 2014 14:44

Not worried Paul ...

... just wondering.

But this is for my books, not a client :o)

I will hopefully set up a bank user specifically for Kashflow, with view only access - although as the wife said, if any one wants to pay off my overdraft they can feel free to do so!

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By AccountancyMarket
11th Sep 2014 16:33

Change from Pre-IRIS days

Kashflow have announced they are introducing bank feeds via a third party such as Yodlee?! That's quite a change of tack from this:

 

"Reliability

This is probably the biggest reason we've kept away from providing/using this service.
A KashFlow customer pays us for a service and they rightfully expect it to work.
If something breaks, they don't care that it's because of a third-party using a slightly dodgy data gathering method and it's out of our hands."

 

https://www.accountingweb.co.uk/group-thread/bank-feeds-you-know-theyre-dodgy-right

 

Direct bank feeds are certainly preferable and we can hope that the banks eventually come round and offer these.

 

EDIT: on their blog announcing feeds, they do actually mention their previous stance on 3rd party feeds pre-IRIS

http://www.kashflow.com/blog/kashflow-bank-feeds-has-arrived/

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