PSD2 & Open Banking Services

Open Banking has been introduced to offer you greater control over your data, giving you the option to securely share your current account information and make payments directly from your current account by using Third Party Providers, known as TPPs. These could include banks, online retailers and financial technology (Fintech) providers.

Open Banking is happening because of the introduction of the Second Payment Services Directive (PSD2) on 14 September 2019, which set out to make the banking industry more competitive and to encourage the development of innovative new products and services which make managing your finances more straightforward and enable you to save both time and money.

However Open Banking won’t be for everyone, and we won’t share your data unless you tell us to. You are always in control, so if you try it and decide it’s not for you, you can stop sharing data at any time.

To avail of Open Banking services, you must have the latest Bank of Ireland app downloaded and registered on your smart device ie. smartphone or tablet.

More information can be found in the FAQs below.

Open Banking Services General Queries

• What type of services will Open Banking enable?

  The introduction of Open Banking brings more possibilities and the potential for a wide range of third party services to be created. There are two main types of TPP:

  1. Third Parties that use your account data

  For example, if you have current accounts or credit cards with different banks, TPPs could allow you to see them all in one place without having to log in to separate online banking profiles. A TPP could also use transaction information from your current account to provide a personalised recommendation on what current accounts offer you the best price or the most relevant features.

  2. Third Parties that can initiate payments directly from your current account

  For example, when buying goods or services online, you may be able to choose one of your current accounts to pay from, rather than paying with your credit or debit card.

  Note: While TPPs can offer you either of the services above, it is also possible for the same TPP to offer you both types of service.

• How safe are the services available through Open Banking?

  Open Banking services are underpinned by financial legislation, The Payment Services Regulations 2017, designed to provide you with safety and security. When you give a TPP access to your account, Bank of Ireland will check that they are a regulated entity and that it must comply with strict security mechanisms and data protection laws, just like your bank.

  If you choose to use the services available through Open Banking, you will need to provide your consent for the TPP to access your data or make payments from your online payment account. To do this, the TPP will direct you to a secure Bank of Ireland log in page where you verify yourself and provide your authority to the bank.

  Remember that TPPs can’t access your information without your consent, and you can always choose to stop sharing data at any time.

• Who can use Open Banking services?

  You are in control and can choose whether you’d like to use Open Banking services or not. All customers who have an online payment account can use these services.

  To find out more about the features of 365 online and how to register, visit our website www.bankofireland.com.

  To find out more about the features of Business On Line and how to register, visit our website www.businessbanking.bankofireland.com.

• What is an online payment account?

  An 'online payment account' is an account that is accessed through Digital Banking i.e. 365 online or Business On Line and is either a current account, demand deposit account or a credit card account.

• Do I have to use Open Banking services?

  You are always in control and can choose whether you’d like to use Open Banking services or not. You will need to provide your consent to the TPP to access your data or make payments from your online payment account.

  Remember that TPPs can’t access your information without your agreement, and you can always choose to stop sharing data at any time.

Getting set up for Open Banking services

• What do I need to get started?

  If using your 365 online profile, you must:

  • Have the latest Bank of Ireland app downloaded and registered on your smart device.
  • If you haven’t yet registered a smart device to use 365 online, you will need a smart device and have your mobile phone number registered to receive security codes. Details on how to download the Bank of Ireland app and register your smart device is available here. App Help Page
  • The Bank of Ireland app replaces the KeyCode app previously used to login to use Open Banking services. If you use 365 online and only had the KeyCode app to use Open Banking services, you may now delete the KeyCode app

  If using your Business On Line profile, you will already be using the Approve app and no further registration is required. Your administrator will need to provide you with the necessary group access to enable you to use Open Banking services.

Using Open Banking Services

• How do I use Open Banking services with my 365 user profile?

  Go to the website or app of the registered third party provider and select the services you wish to use. They will redirect you to a Bank of Ireland page or Bank of Ireland mobile app, where you will have to login to use Open Banking services. The step-by-step guide below describes how to login.

  If you are using a mobile phone or other smart device which has the Bank of Ireland mobile app, follow this guide:

  

  If you are using a computer, laptop, tablet or mobile phone which doesn’t have the Bank of Ireland mobile app, follow this guide:

  

  Note: The TPP should clearly explain what information it is going to use, how it will be used and how long it will be kept for.

• How do I use Open Banking services with my Business On Line user profile?

  If you wish to avail of Open Banking Services your Business On Line administrator will need to provide you with the necessary group access to enable you to use Open Banking Services. Once you have the necessary access go to the website of the registered third party provider and select the services you wish to use

  For everyday Business On Line Help and Support, please click here.

  

  Note: The TPP should clearly explain what information it is going to use, how it will be used and how long it will be kept for.
  

• What if I’ve forgotten my 365 online login details?

  You can contact us on 0818 365 365 or 01 404 4000 if you are calling from abroad if you have forgotten your user ID. Lines are open 9am – 5pm Mon-Fri, Closed Saturdays & Sundays.

• What if I’ve forgotten my Business On Line login details?

  You can contact us on 0818 818 265 or +353 1 460 6445 if you are an ROI customer calling from abroad if you have forgotten your user ID. Lines are open 9am – 5pm Mon-Fri, Closed Saturdays & Sundays.

• What is consent and why does a TPP need it?

  In order to use a TPP's services you must authorise them to access your data or make payments from your online payment account. This is known as giving consent. To do this, the TPP will direct you to a secure Bank of Ireland log in page where you verify yourself and provide your authority to the bank.

• How long does consent last for?

  When you give consent to an AISP to access your bank account details, you will agree with the AISP how long your data will be shared for. Bank of Ireland will only share the data for the duration you have agreed with the AISP. For security, we will ask you to authenticate yourself at least every 90 days to check that you still want to share your data.

  When a PISP initiates a payment from your account you will always be asked to authorise the request.

  When you allow a CBPII to access available funds information on your account they can continue to do so until you tell the CBPII to remove the access to your account.

• How do I make a payment using my online payment account?

  You can choose to pay directly from your Bank of Ireland online payment account without the need for a debit or credit card. Any TPP offering this service will confirm the payment amount and ask if you want to pay directly from your bank account. If you have more than one online payment account with us, you'll need to confirm which account you'd like the money to be taken from. Once you've given your consent, the payment will be made from your chosen account.

Third Party Providers (TPPs) and Other Queries

• Where can I see a list of all the TPPs that are registered for this service?

  You can visit the Open Banking website, where you can see a list of the regulated TPPs.

• How can I identify a payment made using Open Banking services?

  If you make a payment using Open Banking services, you will be able to identify this in your recent 365 online and recent Business On Line history and in your statements by looking for the reference “TPP” in the transaction details.

• What if I have more than one online payment account that I would like to make a payment from?

  If you have more than one online payment account with us, you'll need to confirm which account you'd like the money to be taken from.

• Can I use my online joint payment account for services available through Open Banking?

  Yes, if a request is received by one or more parties on a joint account, we will respond to it as if both of you have made the request.

• How do I stop sharing data through Open Banking services?

  You only need to do this if you have previously given a TPP your consent to securely access your account information and want to stop using its Open Banking service.

  You can do this by contacting the TPP directly, or through 365 online or Business On Line. On 365 online, click on Profile, and select Open Banking Connections. On Business On Line, click on Admin, and select Open Banking Connections. Select the TPP you wish to remove access, and click ‘Disconnect’.

• If I have a problem, where can I find help?

  We will always be here to help with any technical problems or questions you may have. You can contact us on 0818 365 365 or 01 404 4000 if you are calling from abroad. While Business On Line customers can contact us on 0818 818 265 or +353 1 460 6445 if you are calling from abroad. Lines are open 9am – 5pm Mon-Fri, Closed Saturdays & Sundays.