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Q:

What’s Open Banking?

A:

Open Banking is a mandatory change under the PSD2 regulation.

It is a brand new, secure way for you to share your information with Third Party Providers, as well as offering alternative payment methods. As well as promoting competition in banking, it also enables customers to request account information and manage multiple accounts in one place.

This will be achieved by banks and building societies making certain information accessible to other approved companies in a standardised, straightforward and secure way and only ever with your explicit consent. All companies will be approved by the Central Bank of Ireland.

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