Bank Feeds – How we use them to make your application quick & secure

Applying for a loan with Nimble is super simple. We throw away the mountains of paperwork and stuffy face-to-face meetings you get with the banks, and streamline the process for the simplest, most secure and fastest way to short-term loan approved.

However, with so many advancements in technology, it’s normal for people to have questions about the application process. In fact, one of our most common topics we receive enquiries about are bank feeds…how they work, what we use them for and most importantly, how secure are they?

So we’ve listed our most commonly asked questions below, and just like our mission statement… To delight people by making borrowing simple, fast and stress-free”.., we’ve answered each one with this in mind… so you can get to the end without having to Google any definitions.

 

First off…what is a bank feed?

A bank feed is a tech tool that extracts data from bank statements. They are widely used, especially in the world of accounting, allowing businesses to sync transactions from bank accounts into accounting software automatically. It saves a massive amount of time, removing the need for you to manually send your bank statements to us.

Bank feeds are used throughout the US, Australia and other parts of the world, servicing millions of individuals and hundreds of the world’s largest financial institutions.

 

So, why does Nimble use bank feeds?

We do this as part of our obligation as a responsible lender and to remove the necessity of having you send multiple documents such as bank statements, payslips, tax returns and lease agreements. Nimble is also required by law to collect and review at least 90 days worth of bank statements, among other things, for all Small Loan applications.

We use this service to verify the information you’ve given us, such as your income and expenses, and allow us to assess your suitability for the loan and your ability to pay it back.

To save you from sending envelopes, emails and carrier pigeons with your information, we use bank feeds for fast, secure, read-only access to your bank statements. Bank feeds allow us to provide you with a straightforward application, which can be lodged with just a few taps and clicks, from any device at any time. The process is so simple that you can literally apply online for a Nimble short-term loan from anywhere in Australia.

 

But is it definitely secure?

Of course! Your security and privacy are always our number one priority. We ensure your personal details are safe and secure throughout the entire process.

All of our systems and processes are engineered to ensure you and your financial data are fully protected.

The fancy term for this is called “end-to-end encryption”, which means your connection between your browser and our servers is constantly safe. We also employ daily 3rd-party security scans from McAfee – this is exactly the same level that banks and brokerages use to safeguard you and your financial data, meaning your profile and details are safe with us.

 

What external providers does Nimble use?

Bank feeds are enabled by our external service providers, Yodlee and Proviso Pty Ltd (trading as Bankstatements.com.au). Using an external provider for this kind of purpose is extremely common in business and banking, and the providers allow us access to the best in specialist bank feed technology and security.

 

What can Nimble do with my bank account?

When you input your login information the external provider effectively logs in to your account, but in a read-only capacity. Essentially, we receive a screenshot of your banking transactions, so we have absolutely zero ability to move funds around or change any of your account details. Nimble will also never see your internet banking passwords or credit card number details.

So if you’re interested in a safe, stress-free, fresh approach to lending, check out our smart cash loans from Nimble!*

 

* This is not a loan offer. Loans are subject to meeting Nimble’s lending criteria and suitability checks.

 

You should read this bit: Sometimes we use links in our blogs that belong to a variety of websites and not Nimble, so clicking on, and using them, will take you away from Nimble’s website, meaning we’ve got no control or responsibility over the content. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in our blog posts. The information in our blog posts is general information only and does not take into account your objectives, financial situation or needs. The information contained in this blog is correct at the date of publication.

 

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