The illion bankstatements.com service is integrated into the Move Bank Loanapp for a quick and easy way for you to request and receive your Applicants bank account statements and transactions.
The Transaction data will also be categorised and populated into the Loanapp Living Expenses section for easy check and comparison against your declared living expenses.
This article takes you through how to use the service.
Where is the Banking Service in Loanapp?
The Banking Service is found on the Financial Position page of Loanapp:
The service will be 'ready' to use once you have entered the details of your Applicants (in particular their name and email details) in the Applicants page.
The service is Optional, and can be used at your discretion.
How to Request the Service
To request the bankstatements.com service for your application, click open the Banking modal. All of your Applicants will be listed in the modal; and you will have a Request control button next to each name:
If you click Request, against each applicant, this will initiate the service; the service status will update and you will get a confirmation toaster:
This will mean that you applicant/s will receive an email invitation to allow bankstatements.com to access and retrieve their bankstatement data.
Your applicant's experience
When you trigger the service, you applicant will receive an email invite to complete the service. The email subject will be from no-reply@simpology.com.au and have the subject Your Move Bank Home Loan Application:
When your application opens the email, they will be instructed to Get Started to launch the service:
The Bankstatements.com Service
When your applicant click's Get Started, they will launch the bankstatements.com website, branded as Move Bank. The applicant will need to Agree with the bankstatements.com Privacy Policy:
The applicant will need to select the Bank that they hold their accounts from a dropdown list of Banks:
Your Applicant will then need to enter their Username and Password for that Bank's internet banking, and then click Login:
When they do, the bankstatements.com service will (behind the scenes) login to the Bank and identify the accounts that are available via this login. Your applicant will see the system working on this:
When the login is successful, the bankstatements.com service will display to your Applicant all available accounts, and they can tick the ones that they want returned to Loanapp
This is useful where the login has accounts that should not be included, such as Business accounts
Your applicant can then select other Banks to login into to extract account information
The bankstatements.com service is able to login to multiple different Banks in the one session
If your Applicant selects Add Another Bank, they will be able to repeat the process for another Bank:
If they have completed all their Banks/Accounts, they can instead select Finish:
And they are able to close the browser:
What happens in Loanapp?
When you have requested the service, the Banking modal will update to a status of Requested:
When your applicants have completed the service, the modal will update to Completed:
You can click on the Details control to see the returned outcomes of the service:
The Details popup will list the Accounts that have been accessed; and then the outputs from those accounts, which will include the illion-created service summary; and the statements from accessed accounts:
Loanapp Living Expenses - Digital Expense categorisation
Your Loanapp Living Expenses section in the Financial Position has both Digital and Declared living expenses against each category. When you use the illion bankstatements.com service:
all of the transactions (from all accounts) will be amalgamated and;
all expense transactions will be categorised into Living Expenses and;
these amounts will be auto-populated into the Loanapp Digital Living Expenses
For each category, you are able to see the comparison between the two:
Review the categorised transactions
If you would like to review the transactions that have been added to a category, you are able to expand the category:
And then click Digital:
This will then list all the transactions that have been listed in that category:
For more on the Digital Living expenses functionality - please click here.