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 current account data
For example, if you have current accounts 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. The initial roll-out of Open Banking is just for personal and business current accounts, and it only applies where these accounts can be accessed online via 365 online banking.
If you are a business customer who uses Business On Line to manage your accounts you can continue to do so, but to use Open Banking services you will need to register for 365 online.
To find out more about the features of 365 online and how to register, visit our website bankofirelanduk.com.
- 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?
A) Check you have everything you need to get started
• In order to use Open Banking services you must:
- Be a 365 online customer with a UK current account – if you are a personal customer, register today here. If you are a business customer, click here to find out more.
- 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.
B) Link your Bank of Ireland KeyCode App to your 365 online profile
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 only used for Open Banking. You will 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?
The Bank of Ireland Account Access site is only available to Bank of Ireland UK current account customers with a 365 online profile and only accessible from regulated third parties offering 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 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: The KeyCode app is only used for Open Banking. You will continue to use your existing security details to login to 365 online banking.
- 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. 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.
- 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.
Third Party Providers (TPPs) and Other Queries
- 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.