Connection Types in Smart Connect

There are two primary types of connections utilized for this purpose: Standard Connection and OAuth Connection.

Standard Connection

1. Basics of Standard Connection:

   • A Standard Connection typically requires a username and password to establish a link with the financial institution.

2. Additional Requirements for Business Accounts:

   • For some business accounts, you might need to provide a customer ID along with your username and password.

3. Security Note:

   • Ensure that your login credentials are kept secure and updated as per your financial institution's guidelines.

OAuth Connection

1. Token-based Connection:

   • An OAuth Connection uses a token to establish the connection. This method is increasingly becoming more common among financial institutions.

2. Login Process:

   • When establishing an OAuth connection, you will go through a process that appears as if you are logging into the bank directly.

3. Enhanced Security:

   • OAuth offers enhanced security as it doesn’t require sharing your financial institution's login credentials directly. Instead, it uses authentication tokens for access.

4. Ease of Access:

   • This type of connection streamlines the process of accessing financial data, making it a preferred choice for many institutions and users.

Choosing the Right Connection Type

• Adherence to Institution Requirements:

  • The choice of connection type is often dictated by the financial institution's requirements. It's important to follow the institution's guidelines for a secure and stable connection.

• Security and Convenience:

  • While Standard Connections are straightforward, OAuth Connections provide an additional layer of security and are considered more user-friendly due to their token-based access system.