Open banking information

Open Banking

A better experience for you.

Open Banking FAQ’s

Open Banking FAQs

What is Open Banking

Is my data safe?

Yes. A TPP will be regulated in the same way that a Bank is, and so must follow the same laws to keep your information safe and secure.

We take your privacy very seriously. We do not share any of your bank account data for marketing purposes. At no point do we ever see or have access to your banking passwords. Avant Money cannot in any way affect your bank account. CRIF can only gain read-only access to your data once you approve the request in your banking app.

Do I have to share my data?

No. You are in control. If you do not wish to share your data with Avant Money via CRIF Open Banking services, you can choose our manual upload option and supply PDF’s of your bank statements instead.

Please be advised that providing your bank statement information to us in PDF format will lead to a delay in getting your application processed. The Open Banking option is faster.

CRIF Realtime Ireland

About CRIF Realtime Ireland (CRIF)

CRIF is an ‘Account Information Service Provider’ or AISP. An AISP can ask for permission to access bank account data and use information to provide a service. In this case the service would be to verify your income details and recent account data. CRIF is authorised by the Central Bank of Ireland to operate in the Republic of Ireland.

Open Banking process bullets title

The Open Banking process and your Avant Money application.

Complete the process in the following easy steps.

1.

You provide consent

For Avant Money to use the services of CRIF, they need your consent which you will be prompted for at the appropriate time in the Avant Money Document Portal. You should also review CRIF's privacy policy and terms of service.

2.

Select your bank from the list

You will be asked to select your bank account provider from a list. CRIF currently works with most of Ireland’s main banks.

Under the second Payments Services Directive (PSD2), all banks in Ireland have to allow Open Banking connections, so if your bank is not currently featured yet, it soon will be.

3.

Redirect to your online banking portal

You will automatically be redirected to complete Strong Customer Authentication with your Bank. Each bank shows this step slightly differently, but all will present you with a list of the accounts you hold with them.

4.

Approve the request

Please select all of the current accounts you hold with your bank (apart from business bank accounts) and allow them in your banking app.

5.

Redirect back to the Avant Money document portal

You may wish to connect accounts from several providers. If this is the case, choose the option to ‘Connect another account’. If you are finished, choose ‘Return to hub’ to continue uploading any remaining documents requested by us.

Open banking PSD2 link

Want to know more about Open Banking and PSD2?

You can find all you need to know about Open Banking and PSD2 on the
Banking & Payments Federation Ireland website www.bpfi.ie