Security

Your safety and security is our highest priority.

At Monefly our team realise that successfully providing a service like ours, requires an incredible amount of trust from our members. We take security really seriously and use the highest standards available to protect your information. You cannot use Monefly to access your bank accounts directly or mange transactions. Monefly is purely an information platform that’s integrated with multiple data providers, including Yodlee and is designed to help you manage your money and investments more intelligently.

Bank level security & encryption

To ensure all your data is safe at all times, we adhere to rigorous industry standards for transmitting sensitive financial information. We protect all data using advanced 256-bit encryption and it’s exactly the same standard as the banks are required to use. We do not store any of your bank login details on our server and are prevented from doing so by the data provider Yodlee.

Yodlee has more than 70 million users worldwide

Your data is licensed to us for a fee by Yodlee, a global leader in banking technology. Yodlee has more than 70 million users worldwide accessing their personal account transaction details through more than 1,000 websites worldwide – all bound to the same security standards. Connecting to the Yodlee platform gives Monefly access to a global network of more than 14,000 connections to financial institutions, billers, reward networks, and other end points.

Many of the both Australia’s and the worlds leading financial institutions, including 12 of the top 20 US banks use Yodlee technology to deliver online services to customers because of their exceptional reputation in bank-level security. You can be sure your banking logins are protected to the highest standards possible and only ever stored with Yodlee under security standards audited by the US government.

Your money can’t be accessed

Monefly is not a transactional service like a bank or credit card company. We provide a secure website that helps you view your financial data, habits, patterns and trends, that helps you make better financial decisions using Monefly’s innovative tools. Its impossible for you, us or anyone else to move or remove money from your financial accounts using Monefly.

Monefly helps you increase your financial security

With our mobile apps, notifications and emails, you can control how you are notified of upcoming bills, budget variances and unusual transaction activity or changes to your accounts. Monefly helps you set up round the clock surveillance on your accounts, so you can rest easy knowing you’ll be kept informed if anything unexpected happens.

How does Monefly access my financial information?

Monefly lets you control the set up and connect to your bank accounts, credit cards, loans, superannuation and investments via our Yodlee integration. It does this by asking you to link each account by user name and password.

Your user name and password credentials each bank account are managed by Yodlee. Your financial institution user name and password details are encrypted and stored (in encrypted form) by Yodlee using multi-layered hardware and software encryption. Monefly cannot access, view or store this information.

Why do I need to provide my login details through Monefly?

Other than your financial transaction data, all other data, tools, resources and information is unique to Monefly. Without your financial data, your Monefly experience and the value you receive from your membership is limited.

Monefly requires these details just once so we can establish a secure connection through Yodlee with your financial institutions. Whether it’s a bank, credit union, mortgage account or super fund, these details allow us to retrieve your balances and transaction history, so we can combine the information with our tools to help you make better financial decisions.

If you don’t want all the extra tools, data and resources Monefly has to offer, you may be better singing up to a simpler budgeting and transaction tracking service elsewhere instead. Once your transactions are retrieved from the accounts you select, they are automatically categorised for you, so you can start to build a complete financial picture and take advantage of Monefly’s unique tools.

What information does Monefly access?

When you enter your account login details Yodlee communicates with your financial institution and exports your transactional data. Yodlee delivers us your transactional data omitting any account or credit card numbers so you can review your data within Monefly’s website behind your secure membership login.

For more information don’t hesitate to contact us at support@monefly.com

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