Open Banking

Applying for a loan just got faster, easier,

and more secure.

Applying for a loan just got faster, easier and more secure.

Open Banking for Loan Applications is here!

Applying for a loan just got faster, easier, and more secure. With Open Banking, you can now share your financial information directly from your bank account with Life Credit Union, using our trusted partner: GoCardless.

What is Open Banking?

Open Banking is a safe, regulated method of sharing your financial information—like account balances and transaction history—directly with trusted organisations.

It was introduced by the European Union under the Payment Services Directive (PSD2) to give you more control over your financial data. This process is officially called Account Information Services (AIS).

Why use Open Banking for loans?

When you apply for a loan, we need to review your financial history to help us make a fair and responsible decision. Traditionally, this means collecting printed bank statements, which can take time.

With Open Banking, you can now:

Securely share your bank transactions – your data is transmitted using strong encryption and authentication standards under strict EU regulations.
Speed up your loan application – your loan application can be processed quicker, as we receive your financial information instantly.
Get a quicker decision on your loan – share your financial data with just a few clicks – no need to collect or send statements.
Stay in control – you choose what accounts to share

Is It Safe?

Yes. Open Banking is:

Only provided by regulated entities
Built with bank-grade security
Designed so you stay in control — we never see your login details or take payments
Read-only access: we can view your transactions for assessment purposes, but can’t make changes to your account

We partner with GoCardless, one of Europe’s most trusted Open Banking platforms, to ensure your data is handled securely and with your consent.

About GoCardless?

Go Cardless is our authorised open banking partner. They enable secure connections between your bank account and the Credit Union using:

Advanced encryption
Secure cloud infrastructure
Multi-factor authentication
Continuous monitoring

GoCardless is authorised to provide Account Information Services (AIS) in the EU through its French entity, GoCardless SAS, which is regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France. This authorisation permits GoCardless to operate across the EU under the Payment Services Directive 2 (PSD2). Find more information here: GoCardless Privacy Policy.

How It Works

If you choose to use AIS to provide your bank account information, here’s how the process works:

Step 1: Open Banking Choice

When applying for a loan, you will be invited to use Open Banking to provide your transaction data as opposed to providing paper or electronic copies of your bank statements.
If you wish to use this as part of your loan application to be referred to Go Cardless’ secure portal.

Step 2: Authorisation

On the Go Cardless portal, you will accept Go Cardless’ terms and authorise them to retrieve and share your financial information with us.

Step 3: Bank Authentication

You’ll be securely redirected to your own bank’s website or app to log in using your usual online banking credentials.
Your bank will ask you to complete Strong Customer Authentication (SCA) and then choose the accounts you wish to share.

Important: Your bank login details are never shared with Go Cardless or the Credit Union.

Step 5: Data Transfer

Your bank securely sends your account information to Go Cardless.

Step 6: Credit Union Review

Go Cardless shares your data with the Credit Union, which is used exclusively for assessing your loan application.

You will only be sharing a point-in-time snapshot of your finances for the loan application process. You control what data is sent. At any time, you can revoke your consent.

GDPR and Data Protection

Life Credit Union and Go Cardless each act as independent data controllers under GDPR.
Your bank is also a data controller.
Your data is handled in full compliance with the General Data Protection Regulation (GDPR).

Do I Have to Use It?

No — using Open Banking is completely optional. If you’d prefer, you can still provide paper or digital copies of your bank statements. However, many members find Open Banking to be more convenient and faster.

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