Account servicing
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SISS bank connection
After onboarding is completed, eligible customers will be prompted to establish a SISS bank connection. This bank connection method is set up via the external bank and uses read-only data feed used for ongoing, stable streaming.
Key information:
- Transaction data is only available from the consent approval date onwards
- There is generally no ‘look-back’ or historical data provided via a SISS bank connection, which is why this method is set up after a customer has been onboarded with Shift
- Does not require use of bank login credentials
- Bank connection via SISS is the preferred connection method for ongoing data streaming due to its stability.
What your customer sees
After onboarding, once their account is set up. your customer is prompted to establish the SISS bank connection.
1
Set up bank connection
2
Check bank details are correct
3
Sign and upload forms
4
External bank approval
SISS set up and timing
This will depend on the external bank used by your customer. In most cases, they will need to provide consent by signing a form provided by their bank and then submit this to us. In some cases, consent can be provided within their external bank’s online portal. Please see below examples for how this is set up online via ANZ and Westpac.
Data security using SISS
SISS is one of Australia’s leading independent providers of secure banking and financial services data. They partner with banks across Australia to provide secure bank data fees for over 500,000 customers across a variety of accounting software and other financial platforms. SISS’ information security and risk programs must meet the expectations of all Australian Financial Institutions they work with.
They undergo independent external audits regularly and follow industry best practices such as:
- Encryption of data when moving and storing data to comply with Institution standards.
- Compliance with the Australian privacy laws, including any other data privacy requirements as provided by the Office of the Australian Information Commissioner (OAIC).
- Annual compliance reviews.
When your customer provides consent to their bank to connect with SISS, their data can only be used by the Data Recipient they have approved (which is Shift).
Your customer can always refer to SISS’ Privacy Policy and Data Security, as well as Shift’s Privacy Policy in regards to how they collect and use the data.