About
Overview
Shift’s Streaming Data Service allows us to securely use a customer’s business data in a read-only format, to assess credit, set limits, and create future opportunities for limit increases as the business grows.
How it works:
- Streaming data builds and monitors the financial position of your customer’s business, by bringing together company ASIC data, business structure, risk insight, business and transaction data. This includes data relating to business sales, cash flow, balances, dishonours and conduct.
- The outcome is a live financial position of the business, so our products and platform experiences can be highly personalised. We also share this financial position information with you to enable you to have more holistic conversations with your customers.
Benefits
Overall, it allows us to offer products with limits that are tailored to the specific financial position of a business. This gives business owners certainty that funds are there to use and reuse when they need.
How it helps you:
- Streaming data also allows Shift Connect to show you customers eligible for credit limit increases, giving you a timely reason to reengage and add value.
- Customer insights are provided via Shift Connect to help you have a better understanding of your customer’s business financial position over time.
When a customer connects their banking and the Streaming Data Service is active, Shift can:
- Assess credit based on real, active banking data - not estimates
- Size limits in line with the actual strength of the business
- Support continuous credit, rather than requiring repeated periodical reviews
- Unlock future opportunities, such as credit limit increases or additional products that could be suitable
- Help you proactively manage their account and engage with your customers at the right time using the business insights we provide in Shift Connect
Bank connection methods
Connecting banking is an essential step customers must do to activate streaming data.
We will prompt your customer to connect their banking as a part of their onboarding (account opening), and then again in Shift Connect to establish an ongoing and stable data stream via SISS (account servicing).
Connection method 1: Bank connection via Illion
When getting set up as a new customer (part of onboarding to Shift), customers are asked to connect their banking data via ‘Illion’, using their bank log in credentials. This allows us to review the recent banking activity and calculate and offer an initial credit limit.
Connection method 2: Bank connection via SISS
After onboarding is completed, customers will be prompted to establish a SISS bank connection within Shift Online. This method is bank enabled, using read-only data feeds for ongoing and stable data streaming.
Managing disconnections
If the bank connection is no longer active, Shift will not be able to assess your customer’s financial position or offer any new limits or tailored finance opportunities.
Depending how long the bank connection is no longer active, we may need to suspend the account or certain product features until a bank connection is restored. We’ll contact your customer to assist them with restoring their bank connection in these scenarios.