What Is IntraLinks & Is It Safe? What Businesses Need To Know About Bank Of America’s Loan Servicing Partner

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What Is IntraLinks?

IntraLinks is a publically traded tech company based out of New York City. Founded in 1996 by John Muldoon and Mark Adams and later on obtained by TA Associates, the company focuses on creating software application for the monetary industry, along with Virtual Data Rooms (VDR). VDR are online databases business can use to shop and share private details, usually during a financial transaction. IntraLinks clients include Goldman Sachs, Starbucks, General Mills, Whole Foods, and L’Oreal.

In the context of Bank of America’s PPP applications, they are repurposing those VDR tools to permit customers to from another location send their files and relevant details. Bank of America declares this will speed up the application procedure and allow the bank to quicker send the info to the Small Business Administration (SBA) for approval.

Is IntraLinks Safe?

If it isn’t, they aren’t doing their task really well. When a third party is brought into a deal that involves sensitive info, there’s constantly some reasonable apprehension. That said, IntraLinks’s support is offering safe facilities for the exchange of sensitive details. Bank of America’s application of that technology falls well within that umbrella.

IntraLinks is licensed under the EU-US Privacy Shield. Getting involved organizations are thought about to supply “sufficient” security for the transfer of data outside the European Union under the EU Data Protection Directive. U.S. companies that are subject to the jurisdiction of the Federal Trade Commission may also get involved. The standards of the EU Data Protection Directive are as follows:

  1. Notice— data subjects should be offered notification when their information is being gathered;
  2. Purpose— data must only be used for the purpose specified and not for any other functions;
  3. Consent— data must not be disclosed without the data subject’s approval;
  4. Security— collected information should be kept secure from any potential abuses;
  5. Disclosure— data topics ought to be informed as to who is collecting their data;
  6. Access— information subjects should be allowed to access their data and make corrections to any incorrect data
  7. Accountability— data subjects must have an approach offered to them to hold information collectors accountable for not following the above principles

Extra security accreditations include:

  • ISO/IEC 27001:2013
  • SOC 1; SOC 2; SOC 3 (formerly SSAE 16/ ISAE 3402)
  • SOC 2 Type II (formerly SAS 70 Type II)
  • ISO/IEC 20000-1
  • ISO 9001
  • ISO 27017 & & ISO 27001

IntraLinks likewise promotes its trademarked “Distribute Content Nodes.” It’s an expensive method of saying IntraLink lets customers– in this case Bank of America– determine what geographical regions the details will eventually be stored in, and from where processing functions like encryption and indexing will be run. So, for example, if a business doesn’t want details saved outside the United States, they could ask IntraLinks to keep it within the borders. Additionally, IntraLinks provides customer management encryption keys that manage access to delicate files.

User evaluations of IntraLinks VDRs are blended. Usually speaking, users are pleased with the functions and security the software provides. The majority of the unfavorable remarks tend to be about the expense of the service and its knowing curve. The company is not recognized with the BBB, although the guard dog group does rate it an A- due to failure to react to one signed up client grievance. That specific customer grumbled about the company “declining to cease e-mail interactions to an employee who is no longer with our company.”

Is it safe?

Nothing is 100% secure, but if you’re comfortable providing a bank like Bank of America your details online in the very first place, you shouldn’t be too concerned about IntraLinks.

Tips For Using IntraLinks Platform

While safety shouldn’t be a major issue, usability might be another matter. IntraLinks is normally created for business acquisitions and proprietary information-sharing. To put it simply, it would usually be overkill for a loan application. It’s made complex enough that Bank of America supplied a downloadable walkthrough for how to utilize it to finish your PPP application.

The very best advice I can offer, aside from “follow the guidelines in the guide” is to overlook many of the program. Whatever that you need to do to finish your application will be done under the DOCUMENTS heading. Ensure to keep that tab highlighted whenever you’re connecting with IntraLinks.

You’ll pull all the directions you need out of the Instructions folder and download them by means of a ZIP file. After you’ve gathered the ones you require, you’ll drag them into white space underneath the Instructions folder. Each time you add a file, you’ll be challenged with a pop-up window to verify your upload. All you need to do is click upload.

On the intense side, if something fails, you can anticipate to be gotten in touch with by Bank of America.

Final Thoughts On IntraLinks

Uncommon occasions like the COVID-19 crisis test the infrastructure of lots of institutions as well as subject their customers to unknown procedures. For many PPP candidates, this will be the very first time they’ve experienced a program like IntraLinks. That stated, there’s no factor to fear this specific one.

Need more aid navigating the coronavirus crisis? Have a look at our COVID-19 small company resources.

IntraLinks is a publically traded tech business based out of New York City. That said, IntraLinks’s bread and butter is supplying safe and secure facilities for the exchange of delicate information. For example, if a business does not want info saved outside the United States, they could ask IntraLinks to keep it within the borders. IntraLinks is normally created for corporate acquisitions and proprietary information-sharing. For numerous PPP applicants, this will be the very first time they’ve experienced a program like IntraLinks.

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