Why do I need to connect my Wombat account with my bank account for Round Ups?

For Round Ups to work, we need to connect with your bank in order to create a secure connection with your financial institution on a strictly read-only basis. The technology that makes Round Ups possible is called Open Banking. Open Banking allows you to share certain financial information that only you and your bank can see, such as your balance and transaction history, with other authorised financial providers or services of your choosing (all providers have to comply with data protection rules, including GDPR). The financial data that you share with authorised providers, grants read-only access to things like your spending transactions and regular payments. Granting access to this allows Wombat to securely access your transaction history and perform the calculations to enable the Round Up feature.

This creates a connection for 90 days only and you can withdraw this permission at any time. If you have Round Ups enabled, Wombat will email you 10 days in advance of the connection expiring to request re-authentication of the connection between Wombat and your bank account.