Stockport Credit Union uses open banking to speed up your loan application. It’s the quickest way of submitting the information we need to make a decision on your loan application.
What is open banking?
Open banking provides financial service providers, like Stockport Credit Union, access to your financial data from your other bank accounts.
Your data is safe
Open banking has been designed with security in mind:
- Bank-level security. Open Banking uses rigorously tested software and security systems. You’ll never be asked to give access to your bank login details to anyone other than your own bank or building society
- It’s regulated. Only apps and websites regulated by the Financial Conduct Authority can use Open Banking
- You’re in charge. You choose when, and for how long, to give access to your data
Benefits of open banking
Stockport Credit Union must undertake a full affordability assessment when considering a loan application. Traditionally we’ve done this by looking at your bank statements. However, open banking, enables members to share their bank statement with us online. Because of this, there’s no need to send in paper statements. As a result, your application is processed more quickly.
What data is shared?
Once you’ve consented to share your data, the following information is shared with the Credit Union:
- Account name
- Account number and sort code
- Full name of all account holders
- Card number for credit cards only
- Account balance and currency
- Direct Debits
- Standing Orders
- Incoming and outgoing transactions, including salary, subscriptions, card purchases and transfers