FNB "allows" 22seven to access accounts

[Looney]

https://www.22seven.com/
You have to join them and give them your account details yourself.

Thanks!

Uhm, so basically, I pay them R70p/m, give them access to all my banking details (which I refuse to do in any case) and all they do is put it all in nice bubble pictures? Am I missing something here? How can anyone think that this is a good move?

 

[ebendl]

Thanks!

Uhm, so basically, I pay them R70p/m, give them access to all my banking details (which I refuse to do in any case) and all they do is put it all in nice bubble pictures? Am I missing something here? How can anyone think that this is a good move?

Read the links in the article - explains most of it (and read the subsequent discussions in the forums).

I for one applaud FNB for giving the go-ahead: even if we knew about the secondary account login since the start, for them to be giving a public go-ahead is great because it says they are fine and they will still accept liability if something goes wrong with your account (as long as you used a 2nd read-only account on 22seven).

 

[Necuno]

What's worse is they knew this was against the terms and conditions of pretty much every SA bank. (As confirmed by Christo Davel on 702 Talk Radio, Bruce Whitfield's ShapeShifters segment)

CowBoy Coders™ :erm:

saamvou :erm:
must've been a pretty bad time...

Not fun to wait like 4 months for your money in your account to be unfrozen.

 

[RDE]

Interesting about turn!

 

[Toitjie]

and again, FNB leads while all the other banks sit back...

actually because the 2nd read only profile has been there for ages, just means they have been leading for a longer time!

 

[czc]

Brilliant idea FNB,keep it up

FNB didn't exactly come up with the idea.

 

[markings]

Sorry, dont seem to be ignorant, but is this a 22seven a good thing?

Anybody who needs such a service almost deserves to have their account cleaned out.

 

[dabbler]

Anybody who needs such a service almost deserves to have their account cleaned out.

+1

 

[ld13]

Strange that 22seven gets singled out while services like Setcom's SID Instant EFTs have been operating for quite a while and is quite a bit more dangerous imo...although they do not store account info, hopefully.

 

[joeymojo]

Well Done Fnb

 

[Bern]

FNB FTW as usual, sure they say at your own risk, but they note they have a very low risk option and have obviously checked out the service and security issues. Just don't use your main internet banking credentials FFS!!

Thanks!

Uhm, so basically, I pay them R70p/m, give them access to all my banking details (which I refuse to do in any case) and all they do is put it all in nice bubble pictures? Am I missing something here? How can anyone think that this is a good move?

I won't pay R70, but for non accountants it is a really nice way of graphically displaying really boring data and also helping you highlight areas you may not have properly considered before. the sort of grouping by bubbles etc sounds dumb, but that speaks to the way our minds operate, we deal better with pictures than numbers. If you don't believe me try do all your financial stuff using binary and see how well you do...

Anybody who needs such a service almost deserves to have their account cleaned out.

Seriously do you live in a cave? It is a very clever service taking numerical information and grouping and displaying it in ways our minds process better. You must work for ABSA or Telkom with that attitude...

 

[2023]

and all they do is put it all in nice bubble pictures? Am I missing something here? How can anyone think that this is a good move?

I've had a look. It's pretty much that, but a powerful tool comes with it. It automatically organises transactions into categories and gives you a good look on how you are spending and you can change your spending habits. Very much like any other budget program you can download and use. The big difference [and selling point] is that you don't have manually import files or enter in transactions by hand

AND, more importantly, it automatically knows that transfer to "00213765623P*TEL1*FOURWAYS" and "CORP1001873727**8T" is telkom. So it can organise and group those spendings smartly without you doing the footwork of understanding banking transfer descriptions.

So there definitely value there if you are into controlling your budget very strictly. The banks should have had this type of product years ago.

Should you give your details to 22seven? That is entirely up to you.

 

[touch_stone]

Why didn't FNB think of a similar service seeing that they're so innovative.....

BTW this service isn't revolutionary, I think FNB could've done something inhouse

 

[ebendl]

Why didn't FNB think of a similar service seeing that they're so innovative.....

BTW this service isn't revolutionary, I think FNB could've done something inhouse

Nope, I don't want them to do something inhouse. Because if they did, then I wouldn't be able to link my Discovery Creditcard (if I had one), or my Nedbank account, or my ABSA homeloan with them. This service should be completely bank-independent.

 

[guiver]

All the major banks currently have a sustantial microlending division. I seriously don’t think a secondary read only internet banking account carries more risk to the company than what is inherently present in the micro lending business. Therefore calling 22Seven risky is like the pot calling the kettle black.

Perceived risk aside, 22Seven offers a service with high utility value in the current economic environment. FNB identified a simple way to negate a lot of the risk and took the initial blind leap without exposing themselves to excessive risk or even to excessive financial cost.
After only a few weeks in the news 22Seven now has one of the largest banks in the country behind them, thus providing them with a large enough population to start operating. The inherent benefit of starting off with a smaller population is that 22Seven can ease into the market, ironing out any bugs and enhancing their offering along the way.

If the concept works, which is likely now that they have serious backup, the other banks will soon scramble to get on board in order to not be left behind. By that time FNB will most probably have all 10 fingers in the pie as I am certain that their initial leap of faith will not go unrewarded. Big risks = big rewards after all. I would not be surprised if 22Seven offered rewards or discounted rates to FNB clients in future. Furthermore, being 22Seven’s lifeline might also afford FNB certain liberties in dictating “enhancements” to better integrate with their existing systems thereby adding value to what FNB currently offers their clients. I would even go as far as to speculate that 22Seven may eventually even be completely absorbed by FNB, giving them a runaway lead in financial data aggregation technology and services.

Yes, the initial risk was high, but all the major players had the means to negate it to an acceptable level by setting up read-only internet banking profiles. In many aspects this opportunity was really a no-brainer and I can’t help but think that the banks that got left behind may sorely regret their decision in the not-so-distant future.

 

[basketcase]

Lol, epic fail. How can you develop a product and then approach banks afterward, hoping they would give you access? Dumb @rses. Should have gone to the banks before creating this product. Could easily have been a lot of time and money wasted due to retardation.

22seven do have access to all the banks' info, it is just that the big banks put out statements advising their customers against it. FNB is now the first bank to embrace the service and suggesting a safe way for their customers to interact with 22seven.

 

[ebendl]

22seven do have access to all the banks' info, it is just that the big banks put out statements advising their customers against it. FNB is now the first bank to embrace the service and suggesting a safe way for their customers to interact with 22seven.

Isn't ABSA still blocking 22Seven?

 

[basketcase]

Read the links in the article - explains most of it (and read the subsequent discussions in the forums).

I for one applaud FNB for giving the go-ahead: even if we knew about the secondary account login since the start, for them to be giving a public go-ahead is great because it says they are fine and they will still accept liability if something goes wrong with your account (as long as you used a 2nd read-only account on 22seven).

+1

 

[basketcase]

Isn't ABSA still blocking 22Seven?

True, although ABSA only blocked it a few days after 22seven launch. Point I am trying to make is when they launched they could access info from any SA bank.

 

[basketcase]

I signed for it this morning using my secondary account and although I think the website is very cool they are still processing all my transactions and it has been almost 4 hours.

That's the only drawback I have seen so far...