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 gotten by TA Associates, the company concentrates on producing software for the monetary market, as well as Virtual Data Rooms (VDR). VDR are online databases business can use to shop and share secret information, normally throughout a monetary deal. IntraLinks customers consist of 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 enable customers to from another location submit their documents and essential details. Bank of America declares this will speed up the application process and allow the bank to quicker submit the info to the Small Business Administration (SBA) for approval.

Is IntraLinks Safe?

They aren’t doing their job very well if it isn’t. There’s constantly some justifiable uncertainty when a 3rd celebration is brought into a transaction that includes sensitive info. That stated, IntraLinks’s bread and butter is supplying protected infrastructure for the exchange of delicate details. Bank of America’s application of that technology falls well within that umbrella.

IntraLinks is licensed under the EU-US Privacy Shield. Participating companies are considered to offer “adequate” protection for the transfer of data outside the European Union under the EU Data Protection Directive. U.S. organizations that go through the jurisdiction of the Federal Trade Commission might also participate. The standards of the EU Data Protection Directive are as follows:

  1. Notice— data subjects need to be notified when their information is being gathered;
  2. Purpose— information must just be utilized for the function mentioned and not for any other functions;
  3. Consent— information need to not be revealed without the information subject’s consent;
  4. Security— gathered information should be kept secure from any possible abuses;
  5. Disclosure— information topics ought to be informed regarding who is gathering their data;
  6. Access— data subjects need to be allowed to access their data and make corrections to any unreliable data
  7. Accountability— data topics ought to have a technique readily available to them to hold data collectors liable for not following the above principles

Additional security certifications consist of:

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

IntraLinks also touts its trademarked “Distribute Content Nodes.” It’s an expensive way of stating IntraLink lets clients– in this case Bank of America– determine what geographic regions the details will ultimately be saved in, and from where processing functions like encryption and indexing will be run. For example, if a company doesn’t desire details kept outside the United States, they could ask IntraLinks to keep it within the borders. Furthermore, IntraLinks uses client management encryption secrets that manage access to sensitive documents.

User reviews of IntraLinks VDRs are blended. Usually speaking, users are pleased with the features and security the software application uses. The majority of the unfavorable comments tend to be about the expense of the service and its learning curve. The company is not accredited with the BBB, although the watchdog group does rate it an A- due to failure to react to one registered client grievance. That specific customer complained about the company “declining to stop email interactions to an employee who is no longer with our company.”

Is it safe?

Nothing is 100% safe and secure, however if you’re comfortable giving a bank like Bank of America your info online in the first location, you should not be too worried about IntraLinks.

Tips For Using IntraLinks Platform

While safety shouldn’t be a significant concern, functionality may be another matter. IntraLinks is usually designed for corporate acquisitions and proprietary information-sharing. Simply put, it would normally be overkill for a loan application. It’s complicated enough that Bank of America offered a downloadable walkthrough for how to use it to complete your PPP application.

The finest recommendations I can give, aside from “follow the guidelines in the guide” is to ignore the majority of the program. Whatever that you need to do to finish your application will be done under the DOCUMENTS heading. Make sure to keep that tab highlighted whenever you’re interacting with IntraLinks.

At first, you’ll pull all the directions you need out of the Instructions folder and download them via a ZIP file. After you’ve gathered the ones you need, you’ll drag them into white area beneath the Instructions folder. Each time you include a file, you’ll be challenged with a pop-up window to validate your upload. All you need to do is click upload.

On the brilliant side, if something goes wrong, you can expect 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 many institutions in addition to subject their clients to unknown processes. For many PPP applicants, this will be the first time they’ve encountered a program like IntraLinks. That said, there’s no reason to fear this specific one.

Need more assistance navigating the coronavirus crisis? Check out our COVID-19 small business resources.

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