FNB opens up to 22seven

22seven helps clients better understand their spending

First National Bank (FNB) has become the first SA bank to allow personal financial management start-up 22seven access to its customers’ accounts, albeit on a limited basis.

The move stands in stark contrast to FNB rival Absa, which has blocked 22seven — specifically its US technology partner Yodlee — from accessing its clients’ accounts. 22seven requires users to enter their personal banking details so it can provide them with a graphical overview of their spending patterns.

“FNB has set a precedent of responding to our customer’s needs with innovative products and services. We are now providing a secure means to engage with 22seven in response to our customers’ need to learn more about their financial behavior,” says Lee-Anne van Zyl, CEO Online Banking at FNB, in a statement.

FNB Online Banking customers can set up a secondary user on their online banking profile, an option already available on FNB Online Banking. The secondary user profile has more limited functionality and a different user name and password to the primary user, the bank explains in the statement.

“FNB customers who are signed up to the 22seven service should set up a secondary user, select the accounts they wish to share and use a different username and password. If correctly set up to allow ‘view access’ only, this will limit the exposure of client information to transaction history, balances and account numbers,” says Van Zyl.

The bank says if clients have already signed up to 22seven using their primary transactional profile, it suggests they reset their primary user details with a new username and password. They can then set up a secondary user profile to use the 22seven service.

“It remains the responsibility of the client to ensure that their secondary user is set up to ‘view access’ only,” says Van Zyl. “However, FNB will work closely with 22seven to ensure that our customers only use the view access only profile when using the 22seven service.”  — Staff reporter, TechCentral

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  • http://pauljacobson.info pauljacobson

    The big question is whether FNB users who select this option and set the secondary profile to “view access” only will be covered in the event of unauthorised access to their accounts?

  • http://twitter.com/garymeyerza Gary Meyer

    Slow clap. 

  • Amanda S

    urgh, so sick of this topic already. nobody cares FFS.

  • Ncallegari

    Wouldn’t a public acceptance of the service like this be enough to guarantee protection? 

  • http://twitter.com/EdwinWatson Edwin Watson

    Very impressed With FNB! Why am I still Banking with Standard Bank as my primary account? 

  • anon

    It’s still quite risky for the bank to leave the configuration of the second account up to the client. End users often do not understand the security issues involved and could easily get even the simplest thing wrong. 

    It would be nice to see banks formulating API’s specifically for such services. This would reduce the risk of the user getting things wrong.

  • AboutToLeaveNebank

    Well done FNB. Admittedly, they had a headstart because a read only profile was already implemented. I’ll be doing most of my transactions  through my FNB account until Nedbank and Capitec (and the others) wake up 

  • https://moneysmart.co.za/ Callan

    Aye. We’ve been trying for a year to get banks to do this. FNB was the first to turn us down. 

    It’s great that they seem to be moving in this direction now, albeit at a snail’s pace. Let’s hope other banks follow suit.

  • Nix

    Personally I feel safer that Absa has blocked access.  (IMHO)

  • Travis

    Far far, far too much hassle to use the service. I honestly can’t see it taking it off in SA.

  • Greg Mahlknecht

    So much for “the banks would never even consider working with 22seven” … just proves that 22seven should have gone to the banks months ago.  It’s in FNB’s best interest to help 22seven make sure users never give their primary login details out to the world.  Win-Win! 

  • http://www.clickclickboom.co.za Alan Benington

    Kicking and screaming…

  • http://www.clickclickboom.co.za Alan Benington

    Spoken like a lawyer

  • Anonymous

     …and far too much risk too, or am I just being paranoid? :)

  • Anonymous

     Are you Steve?

  • Sngewer1

    Well done to FNB. Not acting like the arrogant big red bank (and the other two) who tells customers what they want, rather than the other way around

  • Taryn

    Awesome news from FNB. However, I don’t think I’ll be paying R70pm to view where I spend my money. My FNB statements already provide a lot of that information. Cant see the value.

  • Anonymous

    Wonder what Steve has to stay about this? Has anyone figured out which bank Steve is from or is like the Stig?

  • http://pauljacobson.info pauljacobson

     Well, I am a lawyer … can’t disappoint my fans.

  • http://pauljacobson.info pauljacobson

     No and I don’t think FNB is necessarily endorsing the product. I think what FNB is doing is just giving FNB customers a more secure way to use the service through a read-only secondary account profile.

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