1. Enhancements to Open Banking
Previously we told you about the introduction of Open Banking, allowing you to consent to Third Party Providers (TPPs) accessing information on your account and making payments on your behalf.
We are refreshing our Terms and Conditions and will be making reference to a new type of TPP called a Card Based Payment Instrument Issuer (CBPII). CBPIIs provide a service requesting information about the availability of funds in your account. When you permit a CBPII to find out if money is available in your account, you must verify this with us (by providing your security credentials) so that we can act on such a request. A CBPII can make any number of requests for that information and we will answer them until you cancel your permission with them.
As a reminder, if you don’t want to avail of services from a TPP, you don’t have to. We won’t share your data unless you’ve given consent to a TPP. 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.
2. Clarifying that parts of the payment service regulations do not apply to ‘Corporate Customers’
We are updating our Terms and Conditions to make it clearer that certain parts of the Payments Services Regulations do not apply to Corporate Customers.
‘A “Corporate Customer” means a firm or company that has, when the Agreement is entered into, an annual turnover or annual balance sheet of more than €2 million and employs 10 or more persons, or a charity that has an annual income of £1 million or more’
The Payment Services Regulations allow us to agree that different rights and obligations may apply to payment services which we provide to Corporate Customers compared to those that apply to Consumers, Microenterprises and Charities. This means that, for example, we will not be liable for an unauthorised transaction unless it was caused by an act or omission by us or anyone acting on our behalf. Nor will we have to refund a payment unless you provide evidence to our reasonable satisfaction that the payment was incorrectly executed by us. If you ask us to investigate a transaction or trace a payment we may charge you a fee.
3. Other changes for you to read about
We have taken this opportunity to make a number of other changes to your Terms and Conditions.
- When overdrafts are repayable and when we’ll notify you of changes to our debit interest rate.
- Where you can find information about the technical requirements (equipment and software) for use of our online banking channels.
- We have also updated your Transaction Information Box within the Guide to Banking for Business Customers to explain clearly the types of payments available to you, how you can authorise (or subsequently cancel them), and their cut-off and processing times.
The following documents have been updated to reflect these changes, and these new versions will take effect on 22 August 2019. These are now available below, or from your branch or account manager.
We may also make changes to the Bank of Ireland UK Privacy Notice from time to time. Please read our most up to date Privacy Notice for more information.