Bank of Ireland Business

Overview

Bank of Ireland Business offers current accounts, lending, cards, and merchant services to Irish businesses ranging from sole traders to corporates. Regulated by the Central Bank of Ireland and covered by the Irish Deposit Guarantee Scheme (EUR 100,000 per eligible depositor), Bank of Ireland issues Irish IBANs, supports SEPA Credit Transfer and SEPA Direct Debit, provides Business On Line (BOL) for bulk payments, and offers bank feeds to Xero, Sage, QuickBooks, and BrightBooks. Bank of Ireland is best suited to established Irish SMEs that need an in-country lender, physical branch access, and relationship-managed services, particularly in sectors like construction, agri-food, and hospitality where traditional lending and cash handling are important.

Compliance reference

Compliance vocabulary for Bank of Ireland Business

Irish terms that shape how this software is bought, configured, and audited.

• Central Bank of Ireland (CBI) aka CBI, An Banc Ceannais na hEireann, Central Bank

  Ireland's financial regulator and gatekeeper for banks, payment firms, e-money issuers, MiFID investment firms and insurance providers. Maintains the public CBI register and operates the Fitness and Probity regime for senior staff at regulated firms.

• Irish IBAN aka IE IBAN

  International Bank Account Number issued by Irish-based banks. 22 characters starting with IE, includes a 6-digit sort code and 8-digit account number. Required for SEPA payments.

• 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.

• SEPA Credit Transfer aka SCT, SEPA bank transfer

  Standard EUR-denominated bulk payment scheme used to pay suppliers, salaries and Revenue liabilities from Irish business bank accounts. Settlement within one business day across SEPA.

See the full Irish compliance glossary →

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