Dubco Ireland Credit Union Limited typically requires bank account statements to assist with the assessment of loan applications. Under the Revised Payment Services Directive (PSD2), members now have the option to share this information electronically through Account Information Services (AIS).
One of the key goals of PSD2 is to increase competition in the financial services market by enabling individuals to safely and securely share their bank account data, making it easier to access better financial services and products.
Why Use AIS?
Using AIS may help to speed up the loan application process by reducing the time needed to gather and review bank statements.
Who Provides This Service?
AIS is delivered by an independent third party:
Truelayer (Ireland) Limited, which is registered as an Account Information Services Provider (AISP) with the Central Bank of Ireland (Institution Code: C433487). You can view their privacy policy here.
Important to Note
- This service is optional for members.
- It is offered at no extra cost.
- The service is provided by Truelayer (Ireland) Limited, not directly by Dubco Ireland Credit Union.
Additional Information
FAQs
The revised Payment Services Directive (PSD2) is a piece of EU legislation which entered into force in 2015. Among the primary objectives of PSD2 were:
- To protect consumers.
- To give people and small businesses the ability and choice to safely and securely share their financial data in order to get access to better financial services and products.
Being an AISP (Account Information Service Provider) means that a company can ask an individual or business for authorisation to connect to a bank account and use that bank account information to provide a service.
The service provided by an AISP is a regulated payment service.
Businesses who are AISPs are authorised to access bank account information on a ‘read only’ basis. This means that the AISP has access to the account information but will never be able to complete any transactions on your bank account.
Truelayer (Ireland) Limited is the AISP used by the Credit Union to enable Members to provide bank account information digitally, in support of loan applications. Truelayer (Ireland) Limited is registered as an Account Information Service Provider (AISP) with the Central Bank of Ireland (Institution code C433487).
If an AISP is registered in any EU member state, it can provide Account information Services (AIS) to consumers and businesses in any EU member state.
This service eliminates the effort of collecting, printing and returning bank statements to the Credit Union. Instead, your bank account information is transferred electronically to the Credit Union on your behalf (but only when you give authorisation to do so).
Your bank account data will only be used for the purpose of assessing your loan application to the Credit Union.
Truelayer (Ireland) Limited will access your account data only once (immediately after you have given authorisation).
Truelayer (Ireland) Limited will hold your bank account information on their systems for a maximum of one hour after accessing your bank account. After which, your bank account information will be deleted by Truelayer (Ireland) Limited on their systems.
Truelayer (Ireland) Limited will share your bank account information with the Credit Union (after authorisation by you) via the cloud-based loan application assessment system used by the Credit Union.
Truelayer (Ireland) Limited and Dubco Ireland Credit Union Limited are two separate Data Controllers. Where Truelayer (Ireland) Limited shares bank account information with Dubco Ireland Credit Union Limited it is based on consent which you provide to Truelayer (Ireland) Limited during the bank account information retrieval process to facilitate the loan application process, when you the Member authorise Truelayer (Ireland) to do so.
Truelayer (Ireland) Limited and Dubco Ireland Credit Union Limited are two separate Data Controllers, therefore the Member will be able to access their rights separately with each entity. Dubco Ireland Limited’s privacy notices are available here. Truelayer (Ireland) Limited’s privacy policy is available here.
As a member, this is a new optional service offering directly for you by Truelayer (Ireland) Limited to reduce the time taken to process loan applications and to enhance the loan application 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).
As a member, this optional service is available to you directly at no extra cost.
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If you’re already registered for Dubco Ireland online access, all you have to do is download the Dubco Ireland Mobile App and you’re ready to go!
