Bank of Ireland expands Stripe deal on AI & payments

Bank of Ireland has expanded its partnership with Stripe, focusing on payments and artificial intelligence across the group.

The agreement extends an existing relationship, with Bank of Ireland-owned businesses already using Stripe technology. Under the wider partnership, the lender will work on payments upgrades, back-office processes and the integration of Stripe systems into its core operations.

Susan Russell, Chief Executive Officer of Retail Ireland at Bank of Ireland, said: "We always strive to provide easy-to-access and fast service to our customers. Payments are a core part of the value we deliver, and partnering with Stripe provides us with new opportunities. Stripe is a great success story, with a strong Irish heritage. We look forward to working with their team to further enhance our technology and accelerate AI integration to improve services for customers."

The move builds on work already underway at Davy, Bank of Ireland's wealth and capital markets business. Davy has used Stripe's Bank Transfer product since 2021 for payments reconciliation and has processed more than €2 billion through the system, according to the bank.

That activity has saved 3,000 hours a year, while New Ireland Assurance, the group's life and pensions business, is preparing to introduce a similar product.

Existing links

The expanded partnership comes as Bank of Ireland continues a broader digital transformation across its retail and business operations. In recent months, it has introduced several products aimed at speeding up payments and moving more services online.

Among them is Zippay, a mobile-to-mobile payments service launched earlier this year. The bank has also introduced Quicker Payments for UK business customers, offering same-day transfers.

Late last year, Bank of Ireland added SEPA Instant, allowing euro payments to be sent immediately. It has also rolled out digital tools including Benefits Finder, designed to help customers identify tax reliefs, and an online electric vehicle marketplace for customers considering a switch to EVs

These launches provide context for the latest Stripe agreement, which Bank of Ireland described as part of its digital transformation efforts. The group serves more than four million customers across Ireland, the UK and the EU in retail banking, business banking, wealth, pensions and specialist finance.

Stripe, which has dual headquarters in Dublin and San Francisco, has been expanding its financial infrastructure business for large companies as well as smaller internet businesses. Its relationship with Bank of Ireland Group already spans several years.

"We've been working with Bank of Ireland Group for several years. Deepening that relationship is now about going further and bringing the same level of speed and reliability to other areas so they can move faster for their customers," said Conor McNamara, Chief Revenue Officer for Europe, the Middle East and Africa at Stripe.

The agreement also reflects growing interest among established banks in using external financial technology providers to modernise payments infrastructure and automate internal tasks. Payments remain one of the most visible parts of the customer relationship, while reconciliation and other back-office functions can absorb significant staff time when they remain heavily manual.

For Bank of Ireland, Stripe's existing use at Davy may reduce the execution risk of a broader rollout. The decision to extend similar systems to New Ireland Assurance suggests the initial use case has been tested in one part of the group before being introduced elsewhere.

The partnership links one of Ireland's largest banking groups with a payments company that also has strong roots in the country.