PSD2 (The Second Payment Services Directive)
On 14 September 2019, the Second Payment Services Directive (PSD2) comes into full force. This is European Legislation which applies to all payment services in the EU. It has been introduced to make electronic payments more secure as well as introducing new Open Banking services also known as ‘access to accounts’.
Since 2009 when the Payment Services Directive (PSD) was first mandated, the retail payments market has experienced significant technical innovation, with rapid growth in the number of electronic and mobile payments and the emergence of new types of payment services in the market place.
The revised or second Payment Services Directive, is a directive that aims to drive increased competition, innovation and transparency across the European Union (EU) and European Economic Area (EEA) payments market, while also enhancing the security of internet payments and account access.
New regulations have been introduced to offer you greater control over your data, giving you the option to securely share your online payment account information and make payments directly from your payment account by using Third Party Providers, known as TPPs. These are known as Open Banking services. If you don’t want to avail of these TPP services you don’t have to. You are always in control.
To avail of Open Banking services, you must download the KeyCode app. Bank of Ireland KeyCode is a secure mobile authentication app used to generate a one-time security password to allow you to access services available through Open Banking via Bank of Ireland’s Account Access site.
More information can be found here.
We have amended our terms and conditions to take account of these changes. A summary of which can be found in the attached brochure of changes.
You can find out more about your rights when making payments in Europe here.
This leaflet is also available to download in an Easy to Read format here.
Changes for Business On Line customers
We have amended our terms & conditions to take account of changes as a result of PSD2. A summary of which can be found in the attached brochure of changes.
Please note that revised terms and conditions will be effective from 22 August 2019 and are available to view here.