facebookWhen will seedly hit Mint's standards? - Seedly

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Anonymous

07 Jun 2019

Events

When will seedly hit Mint's standards?

Quite frustrating to have to login to every account, key in OTP to sync budgets.

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Kenneth Lou

07 Jun 2019

Co-founder at Seedly

Hi there! Thank you for asking us this question. We've actually been really trying our hardest to make this work.

The short answer to this will be that we're unable to do an auto-sync in the near future as well, as there are some really tough issues surrounding syncing and especially the OTP function for banks locally. The current system functions as a one time import of your latest 3 months worth of transactions via our aggregator partner SaltEdge API.

From your question, I can tell that you're familiar with mint.com in the US and some things we must really note is that there are differences between the two markets US and SG:

  • Regulatory frameworks (open vs closed)
  • Banks and their roadmaps

If you look at the two areas above, the banks here are resistant to fully opening up their APIs as it's not directly beneficial to them, even though it is actually helpful for their users to get a full picture of their finances. And on their roadmap, each banks believe that they are already providing a good solution to existing customers, so that is where we stand now.

Hope this answers your question well enough, and happy to take more questions if you have any, in the comments section as well.

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