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Introduction
This policy describes your rights under the Consumer Data Rights (CDR) legislation (the Competition and Consumer Act 2010 and the Competition and Consumer (Consumer Data Rights) 2020 (CDR Rules). This Policy applies to Australian consumers, or account holders of Australian financial institutions consenting to the provision of their CDR Data.
Scope
The CDR Rules enables you, the consumer, to authorise the sharing of information held about you and your accounts (referred to as CDR Data) by your Accredited Data Holders (such as your financial institutions) with other CDR accredited financial institutions and third parties, such as Yodlee. Open Banking is the term used to describe the implementation of the CDR Rules in the banking sector.
Yodlee’s CDR Rules Policy (CDR Policy) describes your rights to access your CDR Data and to authorise the release and use of your CDR Data by Yodlee.
This CDR Policy also describes how we handle your CDR Data as well as how we address your inquiries, requests and complaints.
A copy of this CDR Policy is available electronically or in hard copy. Please email [email protected] to request a copy.
Information that you may share with us
The information that you may share with Yodlee includes:
Our Commitment to Data Minimization
We will only collect your information that is necessary to fulfill the use case to which you provided your consent. For example, if you are consenting access to share your CDR Data for a spending analysis and budgeting application, we will only obtain your accounts and transaction data and defer from obtaining your personal information.
Additionally, we will limit the data collection frequency and duration of access based on the use case. For example, if you are consenting to share your CDR Data for a one-time Bank Account verification, we will only access your data immediately at the time when you granted consent.
Managing Your Data
We will provide you the ability to securely manage your CDR Data within our application. You will be able to:
Roles we carry out under the CDR Rules
Being a Consumer Data Right accredited business, we may provide multiple services and hold different roles in the use of your information under the CDR:
Data Recipient
We are a Data Recipient when we request and receive your (the consumer’s) CDR Data from a Data Holder on your behalf (and with your consent) to provide you with a Yodlee product or service.
Outsourced Service Provider
We are an Accredited Outsourced Service Provider when we provide services to an Accredited Data Recipient to whom you have provided consent to obtain your information from an Accredited Data Holder. We will collect the data from the Data Holder on behalf of the Accredited Data Recipient, passing it on to them in its original state and retaining it only per their instructions and your consent requirements.
CDR Principal
We act as a CDR Principal when we pass your CDR data to another Data Recipient who is reliant on our Accredited Data Recipient license as a CDR Representative. We register CDR Representative Data Recipients with the Australian Competition and Consumer Commission (ACCC) after undergoing a strict review process following ACCC Guidelines.
For a list of Yodlee CDR Representatives, please visit https://www.cdr.gov.au/for-providers/representative-arrangements. Yodlee CDR Representatives are also included in a table at the end of this policy. The ACCC review and approval guidelines for CDR Representatives are located at https://www.cdr.gov.au/sites/default/files/2022-02/CDR-representative-FAQs-pubished-10-Feb-2022.pdf.
In all cases, we will obtain your consent before we carry out any of the above roles in relation to your information under the Consumer Data Right. You may revoke your consent at any time.
How do you request the sharing of your information?
You may provide consent to sharing of your information held by a Data Holder from within our application. When we receive your consent to share the data held by a Data Holder, we will securely send the request(s) to the entities holding your information for authentication, authorisation and subsequent provision of the information.
You may make modifications or revoke consent through our application, or by advising us in writing. Additionally, you may also revoke consent directly at the Data Holder financial institution from whom you shared your CDR Data.
How does it work?
If you encounter issues with Data holder authentication or authorization, you should initially contact your Data Holder.
Use of the information you consent to share with Yodlee
We only collect information on your behalf that we need to provide you with services for our clients, who are either Accredited Data Recipients using Yodlee as an Outsourced Service provider, or CDR Representatives utilizing our ADR license. For testing purposes, Yodlee also operates multiple direct Data Recipient application called Money by Envestnet | Yodlee (https://money.yodlee.com.au/pfm3/home).
We will advise you of how we will use your information and obtain your consent authorisation to do so.
Data shared with third party Yodlee Client Data Recipients
When we share your information with third parties in the Outsourced Service Provider and CDR Principal models, we will tell you whom they are, for what purposes your information will be used and obtain your prior consent.
Examples of the use of your information may include:
Purposes for Yodlee to hold your CDR Data
We hold your CDR data as a service to our Accredited Data Recipient and CDR Representative clients. Purposes for holding and disclosing your data may include:
We will not sell your CDR Data.
For more details about our general privacy data handling practices, please refer to our general Privacy Notice.
Notification Events
As a consumer of a Yodlee Partner Data Recipient, you are a registered user of that service. Our Accredited Data Recipient or CDR Representative partner will notify you about key events pertaining to your CDR data including:
If you are a user of Money by Envestnet | Yodlee, Yodlee will send these notifications to you directly.
Your control of the sharing of your information
We only use your CDR Data as necessary to provide you with the services you have selected, and for which you have consented. We will only retain your CDR Data for as long as is necessary to provide you with the services you have selected, or as required by Australian law.
We provide the ability to a securely view, modify and revoke the consent you have provided to share your information with us. You can access it at any time via our application.
When you change or stop consent to share your information
If you change or revoke your consent authorisation, we will delete your corresponding data and require anyone to whom we have shared the information to do the same. There are no penalties for withdrawal of consent by consumers. If you revoke your consent, then our ability to support our clients to provide their services to you may be limited.
You will not be able to revoke your consent and require us to delete your data that we are required to retain under Australian law, a court/tribunal order, or where it relates to any or anticipated:
Protection of the information you share
Protecting the personal information of those who use Yodlee, and our customers’ products and services is a top priority. We incorporate the same principles of good faith and integrity that guide our fiduciary obligations to investment advisor clients when acting as responsible stewards of the financial data fueling Envestnet | Yodlee’s products and services.
We protect the information that you share and, along with our aggregation clients, comply with all applicable laws and regulations.
Specifically, we protect the information you share from unauthorised access or use under the requirements of the Consumer Data Right legislation, the Australian Privacy Safeguards and as appropriate the Australian Privacy Principles of the Australian Privacy Act (1988).
Here is a link that provides details of the OAIC Consumer Data Right Privacy guidelines that we adhere: https://www.oaic.gov.au/consumer-data-right/cdr-privacy-safeguard-guidelines
Additionally, we employ proprietary and third-party technical controls, such as encryption, to protect data while it resides on our systems, and further ensure the protection of consumer anonymity. We have built privacy protection into our enabling technology, business processes, and operational procedures.
Security Breaches of Your Information
We have built our CDR technology with secure protection of your information in mind. We follow best practices in keeping your data safe when you have shared it with us.
If a security breach occurs, we contain the data breach and take action to prevent any further leak of your personal information.
We will assess the breach and supporting facts to check the risk or potential harm to affected consumers. We will take action to reduce any risk of harm
We will notify consumers, the Information Commissioner and the Australian Cyber Security Center (ACSC) if required. If the breach is defined as an eligible data breach under the Notifiable Data Breach scheme, we will notify the Commissioner and the Australian Cyber Security Center (ACSC) no later than 30 days after becoming aware of the incident.
After stopping of the breach, we will review the incident and take appropriate actions to prevent future breaches.
Your CDR Data and Third parties
We have written legal agreements with all third parties that have access to your CDR data. Each of our third-party partners are required to follow our terms and conditions, which include our obligations under CDR and Privacy Act legislation and guidelines. This includes all Accredited Data Recipients using Yodlee Services in the Outsourced Service provider model, as well as our Data Recipient Partners leveraging our Accreditation in the CDR Principal model.
Yodlee leverages a third-party vendor for customer and production support called Tata Consultancy Services (TCS). TCS employees are in India. Yodlee Provides our clients with a servicing capability called MyYodlee, which allows their Customer Service Representatives to log service requests (SRs) on your behalf. Members of TCS Client Services will process SRs, which may involve accessing your CDR data through the MyYodlee interface.
Envestnet | Yodlee is a global company servicing clients in Australia, New Zealand, United States, Canada, South Africa. India and the UK. We operate Data Centers in Australia, United States, and Canada, and your CDR data could be stored in any one of these data centers. The location of your CDR data has been included in our Representative Clients list at the end of this document.
Deletion of Redundant Data
We will only hold your CDR Data until:
Redundant data will securely be deleted from our records and those of any held by third parties you had consented for us to share the information.
How we delete redundant data
There are several triggers for deleting redundant data including:
When any of the above events occurs, your CDR data is marked for deletion in the Yodlee database. Once marked for deletion, your CDR data cannot be viewed through our API services by you, or by our Data Recipient Partners. Subsequently, a batch job runs to remove your CDR Data permanently from our Database. When we delete your data from our database, we also remove backup copies used for redundancy.
We will not delete your CDR Data if we are required to continue holding the CDR Data to comply with any Australian law or a court/tribunal order
If you do not agree with the information we hold, or not satisfied in any way
Your primary point of access to your CDR Data will be through your Data Recipient application. If you need to view or manage your consent, your Data Recipient application will have a link to the Yodlee provided Manage consent screen where you can view your CDR accounts and renew or revoke access.
If you have an issue with your CDR data as presented by the Data Recipient to whom you permissioned access, you can log a service request directly with that service provider. As a Yodlee partner, their Customer Service representatives will log Service Requests with Yodlee if we are required for further research into any data issues that you encounter.
Internal Dispute Resolution Process
If you do not agree with the information that we hold or are not satisfied in anyway, please tell us so we can make things right.
You may make a complaint through our Privacy Access Request Portal at https://www.yodlee.com/yodlee-privacy-access-request-portal.
In lodging a complaint, please provide the following information:
Our Information Security and Customer Service teams will review your complaint and if accepted, will initiate corrective action.
If not accepted, or if your complaint is not resolved within five business days, you will receive an acknowledgement email, which will include a case number for your complaint.
We will further investigate your complaint and attempt to provide you with a written response to resolve the complaint within thirty calendar days of receipt of your complaint.
If your complaint remains unresolved after thirty calendar days, you will be advised in writing that additional time is required to complete the investigation and provide a response will contact you via phone, email, or letter to notify you of the outcome of your complaint.
Outcomes of the resolution of your complaint may include:
External Dispute Resolution Process
We aim to resolve any complaints in a timely manner, but this may take up to 45 days. If you are not satisfied with the response, you may lodge a complaint with the Australian Financial Complaints Authority.
Online: www.afca.org.au
Email: [email protected]
Phone: 1800 931 678
Mail: Australia Financial Complaints Authority, GPO Box 3, Melbourne, VIC 3001
Additionally, you may request for an internal review of our process by contacting [email protected] or by directly contacting the Office of the Australian Information Commissioner at https://www.oaic.gov.au/privacy/privacy-complaints.
Representative Clients
Representative Name |
Uses for CDR Data |
Data Location |
De-Identified Data |
Lumiant Pty Ltd |
Empowering individuals and their families to live their best life confidently Lumiant is an advice and client engagement platform that heroes advice. It has been designed to bring to life the intangible value of your advice, allowing clients to see its impact on their lives. |
Australia |
Not applicable |
Symes Warne & Associates Pty Ltd (SWA Financial Planning) |
Facet Wealth's unbiased financial planning covers everything that has to do with money -- benefit selections, major purchase decisions, your investments and more -- so you'll know you're making the right decisions for your new career and every facet of life. |
Australia |
Not applicable |
Noobill Pty Ltd |
Organise all your bills by property and find the information you're looking for quickly. View bill activity and expense forecasts. View all your past bills and forecast your expenses with the swipe of a finger. |
Australia |
Not applicable |
Myprosperity Pty Ltd |
Automate data sharing for business accounting and financial advisor services. |
United States and Australia |
Not applicable |
Rate Tracker Pty Ltd |
Rate Tracker real-time interest rate monitoring technology to review your loan every 30 days, notifying you if your rate goes above a set standard. |
Australia |
Not applicable |
CRUZ MONEY PTY LTD |
Cruz is an automated money manager that puts their money back on track with clarity to safeguard their financial future. |
Australia |
Not applicable |
MONEYSOFT PTY LIMITED |
Moneysoft Personal Financial Management software designed for advisers, mortgage brokers and financial service providers. |
Australia |
Not applicable |
IGG Software, Inc |
IGG Software, Inc. develops personal financial software to help people make better decisions about their money. |
United States |
Not applicable |
TECHNOLOGY ONE LIMITED |
TechnologyOne's Global SaaS ERP Solution represents an evolutionary path for our customers. It's built on beautiful design, and can be used by any business consumer, on any device, anywhere and at any time. |
Australia |
Not applicable |
TAX LEOPARD PTY LTD |
Your one-stop accounting software and tax app, where all your tax obligations are sorted at leopard-speed. |
Australia |
Not applicable |
CLEAR21 PTY LTD |
iBodyshop is a fully integrated and comprehensive accounting system has been designed from the ground up specifically for a smash repair business. It includes many industry specific features you simply will not find in generic accounting systems. |
Australia |
Not applicable |
INTELLIFLO AUSTRALIA PTY LTD |
Allowing advised clients to view their updated financial position across their accounts |
Australia |
Not applicable |
RAIZ INVEST AUSTRALIA LIMITED |
Invest spare change automatically from everyday purchases into a diversified portfolio. |
Australia |
Not applicable |
CENSEA SOFTWARE CORPORATION PTY LTD |
BarBooks is an accounting management software for sole practitioners. |
Australia |
Not applicable |
My Mortgage Freedom Pty Ltd |
My Mortgage Freedom is one of the leading mortgage brokers in Australia. |
Australia |
Not applicable |
WEB3 VENTURES PTY LTD |
Manage your cryptocurrency in one app — Invest, pay and store with instant AUD deposits and withdrawals using PayID. |
Australia |
Not applicable |
SIMPLY WALL STREET PTY LTD |
Take control of your investing and build a portfolio that you’re proud of. Simply Wall St equips every individual investor with the processes and tools to stick to the principles and succeed. |
Australia |
Not applicable |
PAYCE PAID PTY LTD |
Paycepaid is a leading debt collection solution that empowers your business to manage your end-to-end collections cycle while providing your customers with a magnitude of payment options, avoiding awkward conversations and reducing financial stress and anxiety. |
Australia |
Not applicable |
MORPHEUS WEALTH PTY LTD |
HeirWealth helps fill the gap for high net worth families managing complex wealth as well as opening opportunities for advisors to engage with the next generation and provide more targeted advice. |
Australia |
Not applicable |
SAVVY DIGITAL PTY LTD |
Savvy is one of Australia's leading financial comparison sites and has been helping everyday people compare a range of finance products for over a decade, from car loans to insurance and more. |
Australia |
Not applicable |
WIISE SOFTWARE PTY LTD |
Built for local Australian and NZ businesses, Wiise is ERP software that manages your accounting, payroll, bank feeds, inventory, CRM and more. |
Australia |
Not applicable |
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Why is this new experience important to customer care professionals?
Customer care professionals will be able to improve service ticket response times with an automated support resolution engine. The new tool responds automatically to common service requests for approximately 25% of requests.
Get ready to improve workflows with an intuitive interface including a new customizable and flexible dashboard and many other productivity enhancements.
Why is this new experience important for business leaders?
Business leaders can uncover insights more easily with new, consumer engagement analytics. Clear visibility into meaningful analytics can help you drive adoption and revenue. See the productivity gains your customer support teams achieve with the advanced automation tool, dashboard, and other features.
When will the new experience be available?
We’re targeting the launch of My Yodlee this spring. We’ll let you know as soon the official launch approaches.
How do I access the new experience?
Customer care professionals can simply log in as you do today using your current ID and Password.
The new Envestnet l Yodlee customer service experience is available at no additional cost to everyone who has access to Envestnet l Yodlee Customer Care now.
Business leaders who do not have access to Envestnet l Yodlee Customer Care can either contact their firm’s administrator to create a new log in ID or contact Envestnet | Yodlee customer support at [email protected].
What should I do to get ready for the My Yodlee experience?
Watch the short videos to learn more about what you can expect. On day one, you’ll be able to log in as you do today. The site will be highly intuitive and include in-product notifications to help guide you to key function and activities.
If you have questions, contact Yodlee Customer Care at [email protected].
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