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 business based out of New York City. Founded in 1996 by John Muldoon and Mark Adams and later acquired by TA Associates, the company specializes in creating software for the monetary market, in addition to Virtual Data Rooms (VDR). VDR are online databases companies can utilize to shop and share personal details, typically during a monetary 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 clients to remotely send their files and important information. Bank of America claims this will expedite the application procedure and enable the bank to quicker submit the information to the Small Business Administration (SBA) for approval.

Is IntraLinks Safe?

If it isn’t, they aren’t doing their job effectively. When a 3rd celebration is brought into a deal that includes delicate information, there’s constantly some justifiable hesitation. That stated, IntraLinks’s bread and butter is offering secure facilities for the exchange of sensitive information. Bank of America’s application of that innovation falls well within that umbrella.

IntraLinks is certified under the EU-US Privacy Shield. Taking part companies are considered to supply “appropriate” defense for the transfer of information outside the European Union under the EU Data Protection Directive. U.S. organizations that go through the jurisdiction of the Federal Trade Commission may also take part. The standards of the EU Data Protection Directive are as follows:

  1. Notice— information topics ought to be given notification when their data is being gathered;
  2. Purpose— data should only be used for the purpose mentioned and not for any other purposes;
  3. Consent— data should not be revealed without the information subject’s permission;
  4. Security— gathered information must be kept safe from any possible abuses;
  5. Disclosure— data topics must be notified as to who is gathering their information;
  6. Access— information topics must be allowed to access their data and make corrections to any unreliable data
  7. Responsibility— information subjects need to have a technique offered to them to hold data collectors responsible for not following the above principles

Additional security accreditations consist of:

  • ISO/IEC 27001:2013
  • SOC 1; SOC 2; SOC 3 (previously SSAE 16/ ISAE 3402)
  • SOC 2 Type II (previously 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 elegant method of stating IntraLink lets clients– in this case Bank of America– identify what geographical areas the details will ultimately be saved in, and from where processing functions like file encryption and indexing will be run. So, for instance, if a company does not want information kept outside the United States, they could ask IntraLinks to keep it within the borders. Additionally, IntraLinks uses client management file encryption keys that control access to sensitive documents.

User evaluations of IntraLinks VDRs are combined. Normally speaking, users are pleased with the features and security the software application provides. Many of the unfavorable remarks tend to be about the expense of the service and its knowing 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 problem. That specific client complained about the company “refusing to cease e-mail interactions to an employee who is no longer with our business.”

So is it safe?

Nothing is 100% protected, but if you’re comfortable giving a bank like Bank of America your information online in the first location, you should not be too concerned about IntraLinks.

Tips For Using IntraLinks Platform

While security shouldn’t be a significant issue, functionality might be another matter. IntraLinks is generally developed for corporate acquisitions and exclusive information-sharing. To put it simply, it would generally be overkill for a loan application. It’s made complex enough that Bank of America supplied a downloadable walkthrough for how to use it to complete your PPP application.

The very best recommendations I can provide, besides “follow the instructions in the guide” is to overlook many of the program. Everything that you need to do to complete your application will be done under the DOCUMENTS heading. Make certain to keep that tab highlighted whenever you’re connecting with IntraLinks.

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

On the intense side, if something goes incorrect, you can anticipate to be contacted by Bank of America.

Last Thoughts On IntraLinks

Unusual occasions like the COVID-19 crisis test the facilities of numerous institutions as well as subject their customers to unfamiliar processes. For lots of PPP candidates, this will be the very first time they’ve encountered a program like IntraLinks. That stated, there’s no reason to fear this particular one.

Need more assistance 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 offering protected facilities for the exchange of sensitive details. For example, if a business does not want information kept outside the United States, they could ask IntraLinks to keep it within the borders. IntraLinks is usually created for business acquisitions and exclusive information-sharing. For numerous PPP applicants, this will be the first time they’ve experienced a program like IntraLinks.

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