By Joseph Nowland, Senior Vice President Business Services
VyStar understands that the financial service needs of a business owner are different from those of an individual member. This is particularly true when it comes to online banking services like Internet & Mobile Banking. Therefore, when VyStar began its search for a new Internet & Mobile Banking service we kept our business members top of mind.
In working with business owners, we know they often need their employees and sometimes outside service providers to have access to their financial account records. Referred to as Entitlements, this functionality is critical to the day-to-day operations of a business and a key component of VyStar’s new Internet & Mobile Banking service launching soon.
Specifically, the Entitlement functionality refers to the ability to establish user permissions and account access settings that control what each user can do within a business by authorizing sub-users access to a business owner’s VyStar Internet Banking accounts.
Why would a business need this ability? A business owner may need to provide access for their business accounts to a bookkeeper, their accountant or other outside support services like CPAs or tax professionals. Additionally, there might be times when relatives with a Power of Attorney may need to conduct transactions on their behalf. Entitlements will allow for this kind of customized account access.
And, without the ability to streamline account usage by narrowly defining user authority, a lot of businesses would engage in risky behaviors like sharing login information, which is a big security risk. We think this new feature will decrease this type of risky business practices as well as many others that could threaten the company.
There will be two permission levels available in the new system: Shared Access and Custom Access. Here are some points of interest for both access levels.
It is important to note this new feature allows sub-user access for Internet Banking only. Also, if the sub-user has a personal account at VyStar, they will not be able to access their personal accounts through the use of their unique Username and Password created for entitled accounts.
Once the new system launches, we will make available a survey for your feedback. We greatly appreciate if you would take the time to let us know your thoughts.