Collecting bank feeds
Why is illion used for bank statements?
BankStatements.com.au is a service that Valiant uses to retrieve bank statement data to support a client’s loan application.
The service is provided by illion, and to use it, customers must input their internet banking details. These details are encrypted in transit and stored securely, and illion doesn't have the ability to change any banking details, set up direct debits, or manage the account in any other way.
The encrypted details are stored in a highly secure data centre, which generates a read-only data feed used to assess the affordability of the loan.
Security
The security of data and the prevention of fraud are fundamental to their organisation. illion and BankStatements.com.au are permitted read-only access to a customer's current accounts, and can only view the accounts.
They cant change any banking details or set up standing orders/direct debits. BankStatements.com.au speeds up and streamlines the loan application process by retrieving bank statement data and sending it directly to lenders to find the best loan solution for the customer.
Serviceability
To determine loan affordability, bank statements are required to show income, wages, loan repayments, and living expenses.
Valiant’s lenders require 6-12 months of transactional statements to validate ongoing transactions.
Customers should select all the accounts where their salary is deposited, and if they have accounts with multiple banks, they must repeat the process by entering in their banking credentials for each account they own.
FAQs
Do I input the internet banking details to use the bank statement service?
To use our bank statement service provided by illion, your client needs to input their internet banking details, which are encrypted in transit and securely stored using 256 bit encryption.
We cannot change any of the banking details, set up direct debits, or manage the account in any other way. All data is handled securely in accordance with the Privacy Act (1988) and our privacy policy.
Who sees the internet banking log-in details if I use the bank statement service?
The internet banking details are immediately encrypted and stored securely by illion. No one can access your details, and they are only used to generate a read-only data feed for us to assess the affordability of the loan.
What happens to the internet banking details after my client inputs them on your website?
The internet banking details are encrypted and held securely by our professional service providers. We and our partner illion, are only permitted read-only access to current accounts and cannot change any of your banking details or set up standing orders/direct debits. All data is securely handled by 256 bit bank-level encryption.
What does BankStatements.com.au do?
BankStatements.com.au streamlines the loan application process by retrieving your bank statement data and sending it directly to us.
Who needs the bank statements?
Bank statement data is required as part of the loan evaluation process due to tighter government regulations. We use the data to find the best loan solution for your client.
Why are bank statements important?
Bank statements show important factors such as income, wages, other loan repayments, and living expenses, which help us determine if the client can afford to pay back the loan.
How many months of statements are required?
We require 12 months of transactional statements to validate ongoing transactions.
What accounts do I select?
Select all accounts that the client owns, where their salary is deposited, but do not select accounts where they are an authority or guarantor.
What if I have accounts with multiple banks?
If they have accounts with multiple banks, they will need to repeat the process and enter banking credentials for each account.
Why did the illion feed pull more than the selected months worth of transactions?
If the client has multi-factor authorisation enabled (MFA) for their banking then illion is only able to pull all the available transactions rather than the specific months that we request.