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Does Outbank analyze my data to recognize contracts in my accounts? - Knowledgebase / iOS-Version (iPhone, iPad, iPod Touch) / Security - Outbank Helpdesk

Does Outbank analyze my data to recognize contracts in my accounts?

No one except you and your bank knows about your current financial situation. Neither we nor Verivox have insight in or access to your financial data.

The contract recognition feature is based on our category rules system. In order to classify your transactions as accurately as possible, we use the algorithms of the Aboalarm GmbH. These algorithms run directly on your device and assign your transactions to the appropriate categories.

If a transaction is recognized as recurring, you can save it as a contract. Depending on the contract category, this contract is assigned with, a button to change or cancel the contract appears. The whole process takes place exclusively on your device.

The data passed on for the contract switch and cancellation is listed here.

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