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 Document explains how the overall process works

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 Carrick-on-Suir Credit Union are two separate Data Controllers. Where Truelayer (Ireland) Limited shares bank account information with Carrick-on-Suir Credit Union 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 Carrick-on-Suir Credit Union are two separate Data Controllers, therefore the Member will be able to access their rights separately with each entity. Carrick-on-Suir Credit Union’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.