Open Banking is a secure way to securely grant a regulated financial services organisation time-limited access to your bank account transactions.
If you provide access, you’ll no longer need to send bank statements into the Credit Union. As a result, loan applications can be made entirely online. Because of this, decisions are quicker.
We’ve been taught to never share our account details. Of course, that’s still good advice. However, with Open Banking software and security systems give you the option to share your account information securely. Data is encrypted. Usage is tracked. Only companies regulated by the Financial Conduct Authority can access your information.
How it works
When you apply online for a loan you may be asked to provide your bank statement. You still have the option to bring these into the office, but that will delay your application. Alternatively, if you have an online account, you can select to provide this added secure information over the internet. Lurgan Credit Union can then provide a quicker decision.
Firstly, if you choose provide online access you will arrive at a secure portal. Secondly, you select your bank account. Thirdly, login as normal.A secure connection then sends your transaction data to the Credit Union.
Remember, login details are not shared. They remain secure. No one will see them. Importantly, we don’t store your details. And everything is fully encrypted.
How we use your data
When Lurgan Credit Union uses Open Banking it receives a summary of your income and expenditure. This covers the previous 90-day period. Additionally, the connection to your account remains open for 90 days. You can stop the connection at anytime.