How bank feeds are updated in PocketSmith
🚧 Work in Progress 🚧
Our Learn Centre is being updated to reflect our newly rebuilt bank feeds platform, Data Connections. The guide you're looking at may reflect these changes, or it may still need updating.
If the Bank Feeds page (Accounts > Bank Feeds) is not available on your PocketSmith Account, you will first need to migrate to the Data Connections bank feed platform.
If you've migrated to Data Connections, but you haven't been able to find the solution you're after, please get in touch with us!
Learn how bank feed syncing works in PocketSmith.
In this user guide
How your bank feeds are updated in PocketSmith
Overall, there are a few factors that influence how your bank feeds and transactions are updated in your PocketSmith account.
Bank feed sync by PocketSmith: PocketSmith will attempt to update your bank feeds when you log in to either the web or mobile application and based on an automatic syncing schedule. However, the transactions and balances that PocketSmith can sync and display in your account depend upon the information Yodlee gathers, as described below.
Yodlee gathering transactions: Our bank feed provider, Yodlee, usually gathers transactions for PocketSmith to import once or twice every 24 hours. This does not mean that they are automatically synced into PocketSmith, but rather that Yodlee has made transactions available for PocketSmith to sync. A result of this is that bank feed syncs made by PocketSmith might not always retrieve your most recent transactions, especially if those transactions were very recently made.
- Yodlee updating balances: Yodlee can gather up-to-date balances roughly every 2-3 hours - when PocketSmith triggers a sync request. This means that you might be able to see your latest balances for your accounts, but not your latest transactions.
Bank feed sync by PocketSmith
The frequency of automatic syncing for your bank feeds is determined by a schedule that PocketSmith sets for each user. This schedule changes depending on how often you use PocketSmith. For example, if you log in to PocketSmith every day, your bank feeds will sync every 6 hours or so; if you only log in once a week, they may only sync once every 3 days.
You can trigger a bank feed sync outside of the regular, automatic bank feed sync schedule by logging in to either the mobile or web app.
However, please note that it's not possible to trigger a bank feed sync for a bank feed listed as using MFA from the mobile app. This is because it's not yet possible for users to enter a response to an MFA (multi-factor authentication) request for a bank feed from either the Android or iOS app. More on this here: Bank feed syncing in mobile
Even if your automatic syncing schedule is set to every three hours or you log in to the web/mobile app to trigger a sync of your bank feeds in PocketSmith, ultimately, the data that PocketSmith can sync at these times is dependent on the transactions and balance information that Yodlee has gathered into their database.
Yodlee gathering transactions
Updating bank feeds that use multi-factor authentication (MFA)
Only bank feeds that do not require additional security can be automatically updated. This is because many bank feeds use MFA (multi-factor authentication) when syncing.
Accounts listed as using MFA can only be synced (refreshed) by logging into the web app, where you can enter your MFA information. Accounts that don't use MFA are automatically synced depending on your activity level and resulting sync schedule.
We recommend logging in to your PocketSmith account at least once every 4 weeks to keep MFA bank feeds up to date and ensure continuous data. Once a fortnight, or more frequently, is even better.
This is because when a bank feed syncs, it can only gather the past 28 days of transactions. As MFA bank feeds are only updated when you log in and respond to security information, you must log in once every 4 weeks, at a minimum, to prevent missing transactions.
Forcing MFA bank feeds to sync
If you know that you have answered your security questions in PocketSmith and are no longer asked any security questions for your bank feed, you can force them to be included in the automatic syncing schedule as shown here: Force bank feeds with MFA to sync automatically. This will mean that you won't have to log into the web app for this bank feed to be included in the automatic syncing schedule.
If your MFA requires information that changes each time you log in to online banking - e.g. a one-time password via SMS, or a NetGuard token - you should not force the bank feed to automatically sync as the bank feed will not be able to sync without the necessary information and will return with an error.
SMS or email alerts when bank feeds sync
If you have enabled SMS or email alerts for your online banking logins, you will also receive these messages when your bank feed syncs. Because PocketSmith syncs your bank feed while you are not logged into PocketSmith, it is also possible you will receive these messages when you are not logged in to your PocketSmith account. You may like to consider disabling text alerts on your bank website, as these can be sent very early in the morning, depending on your time zone!
If you receive an unexpected One Time Password (OTP) request while you are not logged into PocketSmith, please get in touch, and we’ll look into this for you.