PSD2 (The Second Payment Services Directive)
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 (PSD2), 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.
Online shopping – Strong customer authentication (SCA)
Later this year, we will be making changes to the way you shop online using your debit and credit card. We are adding an extra layer of security which will allow you to authorise certain online transactions using the Bank of Ireland mobile banking app. In order to do this, you and any additional cardholders on your account will need to have downloaded and registered the new Bank of Ireland mobile banking app.
To make these changes, it is important that we have the correct mobile number for you and all of your additional cardholders. To update or add a mobile number, please contact our credit card team on 0818 251 251 or use the customer service phone number shown on the back of your card.
More information on our new app can be found here.
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.
You can view our online channel performance here.
We have amended our terms and conditions to take account of upcoming changes. A summary of which can be found in the below attachments.
PSD2 & Open Banking Services
Regulations were 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.
More information on these services can be found here.