Open Banking in Ireland
aka open banking, Irish open banking, PSD2 open banking
The PSD2-mandated regime under which Irish banks expose regulated APIs that authorised third-party providers (TPPs) can use to read account data (AIS) or initiate payments (PIS) on a customer's consent.
Last reviewed May 2026
Definition
Open banking in Ireland is the PSD2-mandated regime under which Irish account-servicing payment service providers (ASPSPs) - the banks - must expose regulated APIs that authorised third-party providers (TPPs) can use to read transaction data or initiate payments on a customer's consent. The legal basis is the European Union (Payment Services) Regulations 2018 (SI 6/2018) and the Commission Delegated Regulation (EU) 2018/389 (the SCA and Common and Secure Communication RTS). The Central Bank of Ireland is the competent authority for authorising and supervising Irish-established TPPs, and the home regulator equivalent in another EU member state covers passporting-in TPPs. The major Irish ASPSPs - AIB, Bank of Ireland, Permanent TSB and the credit-institution-authorised neobanks Revolut and N26 - all expose PSD2 endpoints. Two regulated TPP roles matter for software buyers: the Account Information Service Provider (AISP), which reads account data on the customer's behalf, and the Payment Initiation Service Provider (PISP), which initiates a SEPA Credit Transfer from the customer's account without redirecting through the bank's online banking. Strong Customer Authentication is required at least every 180 days on AIS connections (extended from 90 days in 2022 by an SCA RTS amendment). Open banking is the regulated underlying mechanism for what most accounting and expense software brands as 'live bank feeds'.
Why it matters for software choice
An accounting tool that says 'connects to your bank' may be doing it via PSD2 open banking (regulated, stable, SCA every 180 days) or via legacy screen-scraping aggregators (unregulated, fragile, being phased out). The difference shows up as a feed that drops every few weeks versus one that holds. Confirm the AISP behind the integration and whether your specific Irish bank is supported before you move month-end onto it.
Authority sources
- Central Bank of Ireland: PSD2 FAQ (www.centralbank.ie)
- Irish Statute Book: European Union (Payment Services) Regulations 2018 (SI 6/2018) (www.irishstatutebook.ie)
- European Banking Authority: Payment Services and Electronic Money (www.eba.europa.eu)
- Banking and Payments Federation Ireland (bpfi.ie)
Software categories this affects
Vendors covered by this term
AIB Business
Ireland's largest business bank with branch network, lending, and merchant services
Bank of Ireland Business
Full-service Irish business banking with lending, merchant services, and SEPA bulk payments
Revolut Business
EU-licensed business banking with Irish IBANs, SEPA Instant, and multi-currency accounts
N26 Business
German-licensed business account for Irish freelancers and sole traders with EU IBAN
Xero
Cloud accounting with direct AIB, BOI, and PTSB bank feeds for Irish SMEs
QuickBooks Online
Affordable cloud accounting with Irish bank feeds and a strong mobile app
Related terms
PSD2 (Payment Services Directive 2)
The EU directive governing payment services and payment service providers across the EEA. Transposed into Irish law by SI 6/2018 (European Union (Payment Services) Regulations 2018). Created the open banking and Strong Customer Authentication regimes.
Open Banking (PSD2)
EU regulatory framework that lets authorised third parties access bank account data (AIS) and initiate payments (PIS) on the customer's behalf. The basis for live bank feeds and payment-initiation tools.
Irish bank feeds
An automated daily connection between an Irish business bank account and accounting software, removing CSV uploads. Modern feeds run over PSD2 Open Banking APIs; older feeds use Yodlee or Plaid screen-scraping.
Strong Customer Authentication
PSD2 requirement that electronic payments use two of three authentication factors: knowledge (PIN), possession (phone or token) and inherence (biometric). Applies to Irish card and bank payments.
Payment Institution (PI)
A Central Bank of Ireland authorisation that permits a firm to provide one or more payment services under PSD2 - account services, payment execution, card acquiring, money remittance, AISP, PISP - without being an EMI or credit institution.