Pay by Account (PAYBAC) Working Group
The PAYBAC Working Group was established by the Irish Retail Payments Forum upon recommendation from the Department of Finance in its National Payments Strategy (PDF 5.66MB), published in October 2024.
The working group seeks to coordinate enhancements to the payments ecosystem that facilitate the successful uptake of PAYBAC functionality in Ireland, in order to increase innovation and competition for the benefit of consumers and businesses. The working group will aim to achieve increased transparency of performance data, to identify barriers or obstacles to the development of Pay by Account solutions, and to monitor user adoption.
An in-person meeting was held at the Central Bank where the working group discussed the key challenges impacting the end-user experience for bank transfers and payment initiation services in the domestic market. The working group agreed to finalise
the open banking indicators for the next cycle.
An in-person meeting was held at the Central Bank where the final version of the terms of reference for the establishment of the working group was agreed. Open banking data and payment flows, as well as open banking statistical indicators were also
discussed during the session. The working group agreed to focus on the end-user experience for the next cycle.
A virtual call was held with prospective members to discuss scope, definitions, and terms of reference for the establishment of the working group.
For more information, you can view the PAYBAC Working Group Terms of Reference (PDF 185.29KB).
If you require any further information please contact the Payment Systems Policy team at Central Bank of Ireland at [email protected].