Open Banking

Open Banking

Faster loan approval, secure, simple, speedy.

Open banking is a secure and safe way of sharing financial information such as bank account balances and transaction history.

It was launched by the European Union (PSD2) to give consumers more control over sharing their financial information and data.

How does it work?
When you apply for a loan with us, you will be given the option to share your latest payment account statements with Kilmallock Credit Union. This means you are giving Kilmallock Credit Union access to your latest bank statements. You do not have to contact your bank and request a statement and then wait for it to be delivered.

This is a much more secure way of sharing your financial details with your Kilmallock Credit Union when applying for a loan.

Why Become A Member of Kilmallock Credit Union
Why Become A Member of Kilmallock Credit Union

Why use open banking?

  • Secure

Your bank statements are securely shared with us. No need to print, order from your bank or send them to us.

  • Simple

Share your statements in a couple of clicks.

  • Speedy

With instant access to your statements, we can review your loan application faster.

Frequently Asked Questions

Open Banking

  • 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.

  • 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.

     

  • 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.

     

  • 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.

  • 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.

  • 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.

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

  • 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).