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).

· Efficiency: Your loan application can be processed more quickly, as we receive your financial information instantly.

· Convenience: Share your financial data with just a few clicks—no need to collect or send statements.

· Security: Your data is transmitted using strong encryption and authentication standards under strict EU regulations.

Plaid is our authorised open banking partner. They enable secure connections between your bank account and the Credit Union using:

· Advanced encryption

· Secure cloud infrastructure

· Multi-factor authentication

· Continuous monitoring

Plaid is authorised to provide Account Information Services (AIS) in the EU through its Dutch entity, Plaid B.V., which is regulated by the Dutch Central Bank (De Nederlandsche Bank, DNB) under the Dutch Financial Supervision Act. This authorisation allows them to operate across the EU under PSD2.

· Consent-Based: You choose whether or not to use AIS—it’s entirely optional.

· Transparency: You control what data is shared and for how long.

· Revocable Access: You can withdraw your consent at any time.

If you choose to use AIS to provide your bank account information, here's how the process works:

Step 1: Open Banking Choice

· When applying for a loan, you will be invited to use Open Banking to provide your transaction data as opposed to providing paper or electronic copies of your bank statements.

· If you wish to use this as part of your loan application to be referred to Plaid’s secure portal.

Step 2: Authorisation

· On the Plaid portal, you will accept Plaid’s terms and authorise them to retrieve and share your financial information with us.

Step 3: Bank Authentication

· You’ll be securely redirected to your own bank’s website or app to log in using your usual online banking credentials.

· Your bank will ask you to complete Strong Customer Authentication (SCA) and then choose the accounts you wish to share.

**Important: Your bank login details are never shared with Plaid or the Credit Union.**

Step 5: Data Transfer

· Your bank securely sends your account information to Plaid.

Step 6: Credit Union Review

· Plaid shares your data with the Credit Union, which is used exclusively for assessing your loan application.

· Wexford Credit Union and Plaid each act as independent data controllers under GDPR.

· Your bank is also a data controller.

· Your data is handled in full compliance with the General Data Protection Regulation (GDPR).

No. You may also:

· Provide paper bank statements in person

· Email statements to us

· Upload statements online during your application

Only the minimum data necessary for assessing your loan—such as account balances and transaction history.

No, this service is completely free to members.

During your online or in-branch loan application, you’ll be offered the option to use Open Banking. Just follow the steps in the information we provide to you.

If you have questions or need support using Open Banking, please contact us using the details on our website.