This service eliminates the effort of collecting, printing and returning bank statements to the Credit Union. Instead, your bank account information is transferred electronically to the Credit Union on your behalf (but only when you give authorisation to do so).

There is no direct cost to you as a member if you avail of open banking.

Yes, consent can be revoked at any time. Your data is accessible to your credit union for a period of 90 days but only as part of the loan application process. Access can be revoked during that period if you wish.

You can choose to share information from any payment account that can be accessed through online banking with your credit union. A payment account is an account that can be used to make payments to third parties e.g. current, credit card, some deposit and e-money accounts.

Open banking is very safe. Following the Payment Services Directive (PSD2), open banking was introduced in the EU in 2018 to make sharing financial information safer. Open banking technology follows strict rules and stringent standards to keep your data secure.

Open banking is a secure way of sharing financial information with other financial providers. It came into place in the European Union in 2018 to give consumers more control over their financial information. If you give your credit union open banking access, you can control what information you give and for how long.

Your bank statements are securely shared with Kilmallock Credit Union. No printing or sending statements required. You can share statement with us in a couple of clicks. This results in a quicker turnaround time as we are granted instant access to your statements.

Kilmallock Credit Union has introduced a new option to make sharing financial information, such as your balance and transaction history, easier and faster via open banking. Our open banking partner, allows you to securely share your financial information for loan eligibility without you having to print, photocopy, download, or email your payment account statements; e.g. bank statements. We are doing this to save members time and hassle.

You do not have to use open banking, but if you do, your loan application will be quicker.