Open Banking
Faster approval and better security for your loan application.
Open banking is a faster and more secure way to share your financial information with us.
Our open banking partner, CRIF, allows you to securely share your information without printing, photocopying, downloading, or emailing bank statements.
As a result of choosing this option, your loan application with People First Credit Union will be processed faster.
- For us to use open banking - we need your consent. When applying for a loan, you will be prompted to give consent and have the option to review CRIF's privacy policy and terms of service.
- You will be asked to select your bank account provider from a list. CRIF currently works with most of Ireland’s main banks.
- All banks in Ireland have to allow Open Banking connections, so if your bank is not currently featured yet, it soon will be.
- You will automatically be redirected to complete Strong Customer Authentication with your Bank. Each bank shows this step slightly differently, but all will present you with a list of the accounts you hold with them.
- Please select all of the bank accounts you hold with your bank (apart from business bank accounts) and approve in your banking app.
- You may wish to connect accounts from several providers. If this is the case, choose the option to ‘Connect another account’. If you are finished, choose ‘Return to hub’ to continue uploading any remaining documents requested by us.
Frequently Asked Questions
Open banking is a secure way of sharing financial information with other financial providers.
It came into effect 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 control what information you give and for how long.
In the credit union, we offer open banking as an alternative to printing and emailing your bank statements. By opting in to open banking, a point-in-time snapshot of your bank transactions are securely provided to us.
Your bank transactions are securely shared with People First Credit Union. No printing or sending statements required. You can share statements with us in a couple of clicks.
This results in a quicker turnaround time as we are granted instant access to a listing of your transactions.
None of your data will be shared without your consent, and the only data shared is within the permissions that you set.
When you consent and connect to Crif (our open banking partner), it shares your financial information with your credit union automatically. You will only be sharing a point-in-time snapshot of your finances for the loan application process. You control what data is sent and for how long.
At any time, you can revoke your consent.
You can choose to share information from any payment account that can be accessed through online banking.
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 by contacting Crif or your bank.
Crif will share your bank account information with People First Credit Union only after authorisation by you.
No.
This is a completely optional service and the choice is yours. However, it will enhance your experience and reduce the time taken to process your application.
There is also no cost to using this service.
Yes. A third-party provider is regulated in the same way that a bank is, and they must follow the same laws to keep your information safe and secure. We take your privacy very seriously. We do not share any of your bank account data for marketing purposes.
At no point do we ever see or have access to your banking passwords or your banking app.
People First Credit Union cannot in any way affect your bank account. CRIF can only gain read-only access to your data once you approve the request in your banking app.
