[GNC-dev] Patelco stopped supporting OFX... other options

[Christopher Lam]

Are you saying that SISS isn't compliant with OAIC's APP? Very interesting,
and not surprising...
I've noticed lots of discrepancies in Australian law and practice.
e.g. many forms in use have PDF forms with PDF's signatures, but the
recipient expect nothing other than print+sign+scan+unencrypted email
PDF/JPG.

On Sun, 21 Jun 2020 at 05:28, Liz Dodd <edodd at billiau.net> wrote:

> On Sat, 20 Jun 2020 13:43:13 -0700
> jean laroche <ripngo at gmail.com> wrote:
>
> > > I found an explanation of Quicken's Express Web Connect at
> > >
> https://community.quicken.com/discussion/7851859/faq-how-quicken-connects-with-your-financial-institution-tips-tricks-and-best-practices
> .
> > >
> > > The short answer is it works the same as plaid and friends: The
> > > transaction data is retrieved nightly and stored on Intuit's
> > > servers and Quicken phones home to retrieve them.
> > >
> > > Regards,
> > > John Ralls
> > >
> > That's interesting! They even mention screen scraping (I'm not sure
> > whether that's really what's happening, I would imagine that would be
> > extremely unreliable). I'm sure most data aggregators (such as plaid)
> > no longer use screen scraping, they must have agreements with Banks
> > to download directly, but I'm not too sure about this.
>
> I've found all of this very interesting. It doesn't meet my idea of
> secure. My idea is I hold my keys, and never share them.
> Various instructions from my bank include not sharing PINs so why would
> I want to share anything else that gave access (even read only)?
>
> I followed through to an Australian broker for these services and have
> their assurance that everything is safe and encrypted.
> It is quite clear on the website that the data gets sent daily, but
> there is not any clarity if it is stored on the route.
>
> https://quickbooks.intuit.com/au/resources/product-updates/save-time-direct-bank-feeds/
> The advertised broker has an email address on that page with a parked
> domain. This is their correct domain https://sissdataservices.com.au/
>
> from where I get this jargon filled piece
> ========================
>
> Our consent driven open banking REST API enables accounting software,
> FinTechs, RegTechs and innovators to quickly and securely connect to
> consumer data from Australia's major banks and financial institutions.
>
> Access accurate (reconciled daily) and reliable (direct from core
> banking systems) open banking data via a single REST API.
>
> SISS Data Services has entered into formal data supply contracts with
> Australia’s largest banks and financial institutions to provide you
> access to consumer data.
>
> Modelled on the Consumer Data Right (CDR) framework, SISS Data Services
> provides you with all the resources you need to build and grow your
> solution, including REST API, accreditation, and developer sandbox.
> Search our data feeds How our data feeds work Click to enlarge
> Key features
> DIRECT DATA FEEDS
>
> High quality data feeds directly from the banks
>
> SANDBOX + DEVELOPMENT
>
> Start building your API today in our sandbox
>
> MORE DATA
>
> Look at the growing list of banks we have partnered with to date
>
> DATA RECIPIENT ACCREDITATION
>
> One central location to complete all your compliance
>
> SINGLE REST API FOR BANK DATA
>
> Single REST API to connect to bank data
>
> Who is the open banking REST API designed for?
>
> The open banking REST API is designed for accounting software providers
> (ASP), FinTechs, RegTechs and software developers wanting access to
> accurate and reliable balance and transaction information for credit
> cards and bank accounts.
>
>     ✓ Single REST API
>     ✓ Sandbox & Development Portal
>     ✓ Transactional Based Pricing
>     ✓ Major Banks
>     ✓ Accurate & Reliable Data
>     ✓ Direct Data Feeds (Core Banking System)
>
> We keep costs simple
>
> Our transactional pricing is month-to-month with no lock-in contract
> and no exit penalties. It is designed to get you connected quickly.
>
> Set up fee: Access to our incredible support team and the developer
> sandbox to connect your app.
>
> SISS fee: A per transaction fee for our product and service.
>
> Bank fee: This is the exact fee the banks charge us, directly passed
> onto you with zero mark ups.
>
> Set up fee $5,000 +GST
> SISS fee $0.03 (3 cents) +GST per line item
> Bank fee Nil to $0.05 (5 cents) +GST per line item
> ==============================
>
> Now we've got a cost sample as well.
> I am not seeing a way for an individual to do this directly with the
> bank, and being able to cut out the middleman whether for security or
> cost reasons.
>
> But if your financial institution chose to use one of these services
> and cut out customer driven direct download services, they are up
> against consumer law in several jurisdictions. It's known as third
> party forcing here, and isn't approved.
>
> Liz
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