Zoho Books & Yodlee
Zoho Books works with a third-party service provider called Yodlee - a major online banking solutions service provider. It is an online banking solution provider that connects to thousands of online banking websites and financial institutions worldwide. They retrieve financial information to generate statements, then make those statements electronically available to customers.
When you set up a bank connection in Zoho Books, you provide your online banking username and password details, which Yodlee stores in a highly secure system. Yodlee then uses these details to log into the online banking on your behalf to retrieve your bank transactions that have been cleared and processed, then imports these into Zoho Books. Zoho Books does not store any of your bank login credentials. In the background, the credentials will be used by Yodlee to gather your bank statement data. The statement data is then passed onto Zoho Books via channels using 256-bit SSL encryption for secure communications.
Some banks and financial institutions require multi-factor authentication in order to access a secure website. This requires additional verification on top of your login details, such as a security question, image or token. If your bank or financial institution doesn't require multi-factor authentication, Yodlee accesses your online banking site overnight, downloading any new statement data and sending it securely into Zoho Books. If your bank or financial institution does require multi-factor authentication, you need to manually refresh the Yodlee feed to get the most recent transactions into Zoho Books.
Yodlee only imports processed and cleared transactions. When your feed is refreshed, any available transactions that have been cleared by your bank will be imported into Zoho Books. If no transactions have been processed in your account, no statements will be imported, so you may notice some missing dates. Because of how Yodlee feeds work, transactions can sometimes be missed due to the timing of when the bank changes a transaction from pending to cleared and processed. If you do have missing transactions, you need to import these manually.
These are the banks that are listed as part of the Yodlee integration with Zoho Books:
What if my bank is not listed?
You may notice that the ones listed are all for personal accounts, except for Maybank - since M2U Biz is sharing the same login screen as the personal account. If your bank account is not listed, you may bring in the transactions manually using the import statement feature. Find out more here.