Data Aggregation
We use two methods of aggregation to connect your financial accounts and import account, transaction, and product data into our platform. This process is called data sharing and we have created a simplified user experience to link all of your accounts in accordance with industry standards.
Data sharing options
CDR Data Aggregation Open Banking
Third-party screen-scraping Yodlee
Collection of your personal banking data
We adopt a data minimisation approach and only collect banking information that is necessary to provide its Money Management features, such as Personal Financial Management and Financial Passport to provide a view of your financial position.
Data collection is provided to us as an Accredited Data Recipient, with a person’s consent. We collect, hold, and use your data in accordance with the purpose of the service we are providing.
CDR data is held and stored on your behalf in secure systems, located in Australia. We process your data to create personal insights about the information contained in your CDR data, which is then presented back to you. We do not share this information with anyone else without your consent.
Historical analysis
As a Data Recipient we collect, hold, use and disclose CDR data for the purposes of providing you with a personal financial management application that enables you to view historic and current transactions and other financial information from the bank accounts that you have connected to the application. This includes surfacing insights about spending patterns over time, bills detection, income detection and analysis of assets and liabilities.
Personal Financial Management uses this information to provide users with insights about where their money is going, and tools to manage their money more effectively. This includes a financial statement providing a view of your money in and money out.
Financial Passport uses this information to provide insights on your finances, producing a detailed Financial Passport that can be used when applying for loans.
Money Partner uses this information to provide users with real-time tools and insights to manage their money more effectively. This includes the ability to disclose information to a financial advisor for financial advisory services.
AI-powered data enrichment
We provide market-leading accuracy in transaction categorisation and merchant identification - including name, location, and logo. This includes a learning algorithm trained to auto-categorise future transactions and recategorise historical transactions. We support personalised categories through our tagging capability, working with our automatic categorisation engine to evolve and adapt data according to personal inputs from our user community.
We have a continuous improvement cycle to develop better categorisation to improve the insights we provide in the app.
Excluding data
As a personal finance management tool, we also provide you with the option to exclude data from your budget. This may be necessary for some transactions that can be duplicated in the App for particular account types, for example, a mortgage or credit card transaction. If you exclude the transaction of paying your credit card from your everyday spending account this will correctly track your expenses (as it has already occurred in the past).
Exclude an Account
Exclude a transaction