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 new regulations, 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.
Where can I find more information?
We have created a downloadable guide to introduce Open Banking, explaining what it could mean for you and the steps you need to get set up.
You can also see our list of Frequently Asked Questions below for any queries you may have. Alternatively visit the links below to read more about Open Banking:
Open Banking General Queries
- What type of services will Open Banking enable?
The introduction of Open Banking brings endless 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 is Open Banking?
Open Banking is backed by financial legislation, The Payment Services Regulations 2017, designed to provide you with safety and security. When you try to give a TPP access, Bank of Ireland will check that it is authorised and regulated by the Financial Conduct Authority (FCA), meaning that it is forced to comply with strict security mechanisms and data protection laws, just like your bank.
If you choose to use Open Banking, you will need to provide your consent for the TPP to access your data or make payments from your current account. To do this, the TPP will direct you to a Bank of Ireland secure website (called the Account Access site) 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?
You are in control and can choose whether you’d like to use Open Banking or not. Both Personal and Business customers can use Open Banking as follows:
- Through 365 online if you have a personal current account, business current account, or credit card.
- Through Business On Line if you have a business current account, call account or commercial credit card (account information services only).
The ability to make payments through Open Banking using your Business On Line profile will be available soon.
- 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 for the TPP to access your data or make payments from your current 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
- What do I need to get started?
Open Banking is available on two of our online banking channels:
- 365 online: if you have a personal current account, business current account, or credit card.
- Business On Line: If you have a business current account, call account or commercial credit card.
Personal and Business Customers can find out more information about online banking on our website.
If using your 365 online profile, you must:
- Have your mobile phone number registered to receive security codes from 365 online
- Have a smart device – in order to download the KeyCode app which is required when logging into the Account Access site.
If using your Business On Line profile, you will already be using the KeyCode 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.
If using your 365 online profile, you must then download and register the KeyCode app.
Bank of Ireland KeyCode is a secure mobile authentication app which generates one-time passwords (to be entered into the password field on the BOI Account Access page) to allow you to use Open Banking services. This adds a layer of security to ensure we can confirm it’s you and protect against any fraudulent activity.
Note: The KeyCode app is required;
- By customers who use Business On Line.
- By customers on 365 who wish to avail of Open Banking services. If you aren’t using Open Banking you can continue to use your existing security details to login to 365 online
*We recommend that you use a laptop or desktop to register for KeyCode as you will need your smart device to download the KeyCode App.
For more information on KeyCode, please see our FAQs here.
Using Open Banking
- How do I use Open Banking services?
The final step is to go to the website of the registered third party provider and select the services you wish to use.
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 is the Account Access site?
You will be transferred to the Bank of Ireland Account Access site by an authorised TPP where you wish to use their Open Banking services. On the Account Access site you can allow third party access to your account information and make transfers directly from your account to third parties; services offered by Open Banking.
- What do I use to login to the Account Access site?
To login to the Bank of Ireland Account Access site, you need your 365 online or Business On Line User ID and the one-time security password generated by your KeyCode App. To generate a one-time security password;
- Open your KeyCode App and enter the PIN you created during the KeyCode registration process on Business On Line or 365 online
- Click Password on the menu screen
- A one-time security password will appear
Note: For customers using 365 for their everyday banking – KeyCode is only required if you wish to avail of Open Banking Services. For your day to day banking you can continue to use your existing security details to login to 365 online. For customers using Business On Line – KeyCode is required to access all services including day to day banking and Open Banking Services.
- 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 current account – this is known as giving consent. After providing your consent, the TPP will direct you to a Bank of Ireland secure website (called the Account Access site) where you verify yourself.
- How long does consent last for?
When you give consent, you will agree with the TPP how long your information will be shared for - Bank of Ireland will only share the data for the duration you have agreed with the TPP. For security, we will ask you to authenticate yourself at least every 90 days to check that you still want to share your data.
- How do I make a payment using my current account?
You can choose to pay directly from your Bank of Ireland current 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. After you verify yourself via the Bank of Ireland secure website (the Account Access site), we'll show you a summary of your payment, the amount and where your money will be going. If you have more than one current 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.
Business customers who are registered for Business On Line will only be able to see account information, until Open Banking payments are made available at a later date.
- Can I use my joint account for Open Banking Services?
In order for a TPP to access joint account information, all parties on the joint account must provide their permission for Open Banking Services to Bank of Ireland.
This service is applicable to joint personal accounts only. Please contact Bank of Ireland if there are any further queries on the account permissions currently present on your account or if you wish to change the account permissions of your joint account. You can do so by contacting us on 0345 736 5555* or by calling into your local branch.
- How do I stop sharing data through Open Banking?
You only need to 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 by contacting us on 0345 736 5555*. Otherwise we will continue to provide information to TPPs in line with your consent until it expires.
*Calls may be recorded, monitored and used for training and compliance purposes. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Call costs may vary dependent upon your service provider. Lines are open 8am – 8pm Mon-Fri, 9am-5pm Sat, Closed Sun and 10am – 5pm bank holidays.
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Bank of Ireland is regulated by the Central Bank of Ireland. In the UK, Bank of Ireland is authorised by the Central Bank of Ireland and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. By proceeding any further you will be deemed to have read our Terms and Conditions and Privacy Statement.