We now offer Open Banking for our members! Giving you the option to securely share your online payment account information for easier loan applications. Our open banking partner, TrueLayer allows you to share your bank statements with us securely and instantly, no need to print them or order them in advance with your bank!
Open Banking in 4 Simple Steps :
1. For us to use TrueLayers services, we need your consent which you will be prompted for at the appropriate time in the Lough Credit Union app.
2. You will be asked to select your bank account provider from a list. TrueLayer 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, it soon will be.
3. You will automatically be redirected to complete authentication with your Bank.
4. Please select all of the accounts you hold with your bank, excluding your business bank accounts and approve in your banking app.
5. If you wish to connect accounts from different providers, choose the option to ‘Connect another account’. If you are finished, choose ‘Return to hub’ to continue uploading any remaining documents requested by us.
Please note your data is secure and we will never see or have access to your banking passwords. We do not share any of your bank account data for marketing purposes. TrueLayer can only gain read-only access to your data once you approve the request in your banking app.
If you do not wish to share your data, you can upload and supply PDF’s of your bank statements instead but will lead to a delay in getting your application processed. The Open Banking option has been developed to benefit members and provide faster loan services.