Core Customer Day
Open Banking in Ireland: Why Now Is the Time to Act
The Irish finance sector is entering a digital transformation phase and open banking isn’t a trend, it’s becoming the standard. In last years Core Financial Systems webinar alongside Sysynkt, we explored the readiness, opportunities, and implementation of open banking for finance teams, particularly those using Infor SunSystems.
What Is Open Banking, Really?
Open banking is the secure sharing of financial data between banks, institutions, and approved third-party service providers, all made possible through API (Application Programming Interface) technology.
Unlike legacy systems that rely on manual uploads and disjointed file formats, open banking uses real-time, standardised data to seamlessly connect your financial ecosystem. It’s built using the same security and encryption protocols trusted by global banks, meaning your data is not just connected, it’s protected.
Here’s what open banking gives you:
- Real-time data feeds: Stay on top of your cash position with up-to-the-minute transaction data
- Enriched data: Access more detailed insights, including merchant info and spend categories, ideal for AI-powered reconciliations
- No file formats: Say goodbye to clunky CSV uploads and file-based workflows
- Low fraud risk: Bank-grade security and instant authentication help dramatically reduce fraud
- Standardised access: One secure format across banks and regions
- Free to use: By regulation, banks cannot charge for open banking APIs, it’s your data, and you should access it freely
Open banking isn’t just more efficient, it’s a foundational step toward broader data-driven finance innovations like open finance and open data. It allows you to transform outdated processes into agile, automated, and scalable operations.
Why Irish Businesses Need to Prepare Now
Although SEPA Instant Payments launched in 2017, adoption in Ireland has lagged (~5% coverage), compared to ~62% across the EU.
There is a new instant payment regulation coming into force from the end of 2025. We will see an update in Irish Banks offering SEPA instant payments and Verification of Payer/Payee technologies. These will all start to accelerate open banking usage across sectors.
Proven Benefits for Finance Teams
Sysynkt provides real-time open banking connectivity for Infor SunSystems users, including:
- Live bank data synced multiple times a day
- Intelligent transaction matching and AI-assisted reconciliation
- Embedded payment requests, approvals, and workflows without manual file handling
Strong Adoption Trends Across Sectors
Status of Open Banking in Ireland v UK:
Global outlook: The open banking market is projected to grow from USD 17.36 bn in 2022 to USD 122.07 bn by 2031, at a CAGR of 24.2%.
Don’t Wait Until It’s Mandatory
With regulatory deadlines approaching and bank mandates in motion, Irish finance teams should develop an open banking strategy now, not later. Core Financial Systems and Sysynkt provide plug and play solutions that integrate seamlessly with Infor SunSystems, avoiding costly system upgrades.