Open Banking

Applying for a loan just got faster, easier,

and more secure.

Open Banking

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.

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

How It Works

AIS is provided by an independent third party, Truelayer (Ireland) Limited. Truelayer (Ireland) Limited is registered as an Account Information Services Provider (AISP) with the Central Bank of Ireland (Institution Code C433487) and their privacy policy is available here.

 

As a Member, this is a new optional service offering to you by Truelayer (Ireland) Limited to enhance the loan application process which is at no extra cost.

 

This document (PDF document) explains the AIS process.

 

If you consent to using AIS to supply bank account information, we will provide instructions by e-mail, including a link to the portal of the Account Information Services Provider (‘AISP’) that will enable you to initiate the AIS process.

 

If you do not consent to using AIS to supply bank account information, you can:

 

  • Provide paper bank statements to us.
  • Send bank statements to us by e-mail.
  • Upload bank statements (when making an on-line loan application).

Need Help?

You can see some Frequently Asked Questions here.

 

Alternatively, if you have any further questions about using Open Banking for your loan application, just get in touch:

 

045 879 622, select 2 for lending
lending@lifecu.ie


We’re here to help every step of the way.