About Yodlee and Bank Feeds
Yodlee is a leading online banking solution provider that connects to thousands of online banking websites and financial institutions worldwide. They retrieve transactional data from banking institutions and then make it available to customers in the form of an electronic statement.
AccountsPortal allows you to integrate with Yodlee to retrieve your bank transactions and automatically convert them into imported bank statements ready for processing.
Security and Passwords
Setting up the Yodlee bank feed in AccountsPortal requires you to provide your online banking username and password details in the Yodlee embedded integration page. AccountsPortal does not at any time view or store these details. They are retained in Yodlee's highly secure and trusted system. Yodlee uses these details to log into online banking on your behalf to retrieve cleared bank transactions.
As with the manual import of bank statements, it is important that you reconcile your bank account balance in AccountsPortal to the actual balance in your online banking system on a regular basis. Yodlee feeds are reliable but transactions can sometimes be missed due to the timing of when the bank changes a transaction from pending to cleared and processed. If you have missing transactions you should enter them manually.
STEP 1 - LINK YOUR ORGANISATION TO YODLEE
Navigate to the Banking tab and then click the Bank Feeds tab. Read the Yodlee Terms and Conditions thoroughly.
Click Setup Bank Feeds to proceed to link your organisation to Yodlee.
STEP 2 - SELECT ACCOUNTS IN YODLEE FOR IMPORT
2.1 Click Setup New Bank Feed to proceed to the Yodlee embedded webpage where you will select your banking institution and provide your bank's login details.
2.2 Click on Yodlee's Get Started button to proceed
2.3 Select your bank's name from the list of popular sites. If your bank's name is not visible, then you can search for it.
2.4 Enter your log in details as required by your bank. At this point Yodlee will start linking all the bank accounts associated with your log in credentials. Wait until Yodlee confirms the accounts have been linked and updated.
2.5 You can optionally click on the individual Settings cogs next to each bank account to delete accounts not required for the AccountsPortal feed. Note that you can also delete linked accounts from within AccountsPortal at a later stage if you wish.
2.6 Click CLOSE to return to AccountsPortal or LINK ANOTHER SITE to select a different banking institution. You will find that the accounts selected in Yodlee are now visible in AccountsPortal.
STEP 3 - MANAGE THE LINKED YODLEE ACCOUNTS
3.1 Use the drop down in the Imported Bank Account column to select the appropriate bank account you wish to import the Yodlee transactions into.
3.2 Optionally, click on Add New Bank Feed button to link additional bank accounts via Yodlee.
If you wish to delete any Yodlee linked accounts, then you can click on the Delete link adjacent to each bank account. This does not delete transactions you have already processed - it only removes the Yodlee feed for that account.
If you wish to completely remove your Yodlee integration, click on the Permanently remove all bank feed integrations link.
STEP 4 - REFRESHING TRANSACTIONS
On initial setup, AccountsPortal will retrieve the last 30 days of transactions using the Yodlee bank feed. Thereafter, the extract will attempt to retrieve cleared transactions on or after the Last Refresh date. Transactions that have previously been imported via the Yodlee feed will not be re-imported.
The Last Refresh (GMT) date displays the date and time of the last Yodlee extraction of bank transactions. The Next Scheduled Refresh (GMT) date displays the estimated date and time of next Yodlee extraction. This will vary depending on whether you have linked via Single-factor or Multi-factor authentication (see below).
Yodlee will only be able to automatically refresh transactions if you originally use Single-factor authentication when setting up your bank feeds in AccountsPortal. If you originally linked to Yodlee using Multi-factor authentication (e.g. pin sentry devices or one-time codes sent by SMS / email), then you will need to manually refresh your transactions on a regular basis by supplying your MFA credentials.
For Single-factor authentication, the Yodlee refresh and extraction of your bank transactions will take place automatically approximately every 24 hours. The Refresh button may be available if Yodlee has missed its Next Scheduled Refresh date/time. Unless you have a specific need to refresh the transactions, the recommendation is to wait for the automatic refresh to take place.
Multi-factor authentication (MFA)
If you originally linked to Yodlee using Multi-factor authentication, then you will need to manually click the Refresh button to trigger refreshing of transactions via Yodlee. This step is necessary to allow you to enter the relevant additional authentication information.
Ensure that you click the Refresh button at least once per month as banks have different limits on how long they will make transaction available for download. Note that you can only refresh your transactions once every 24 hours.
STEP 5 - IMPORT TRANSACTIONS
Once the transactions have been refreshed, either manually or automatically as per Step 4 above, you can click the Import Transactions button to create a bank statement for each account in AccountsPortal with the latest transactions extracted by Yodlee. If new transactions are available, use the Process Bank Imports button to process the imported transactions.