3 reasons to use OPEN BANKING
We’ve launched a new way to share your financial information with us via ‘open banking’.
Our open banking partner, Plaid, 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 St. Paul’s Garda Credit Union will be processed faster.
Faster approval for your personal loan application with open banking
What is open banking?
Open banking is a secure and safe way of sharing ﬁnancial information such as bank account balances and transaction history.
It was launched by the European Union (PSD2) to give consumers more control over sharing their financial information and data.
Open banking and Plaid follow strict rules and stringent standards to keep your data secure.
How does it work?
When you apply for a loan with us, you will be given the option to share your account data with St. Paul’s Garda Credit Union using Plaid. This means you are giving St. Paul’s Garda Credit Union access to your latest bank statements. You do not have to contact your bank and request a statement and then wait for it to be delivered. This is a much more secure way of sharing your financial details with your St. Paul’s Garda Credit Union when applying for a loan.
The process of sharing your information through Plaid takes just a few simple steps as shown below. Plaid will never ask for additional security information. It will only ask you to sign into your online banking.