The Banking and Payments Federation Ireland (BPFI) is the main representative body for the banking and financial services sector in Ireland. The BPFI was formed in 2014 from the merger of the Irish Payment Services Organisation with the Irish Banking Federation (IBF). Its predecessor, the Irish Banking Federation, was founded in 1973 upon Ireland's accession to the European Communities. The IBF in turn succeeded the Irish Banks Standing Committee established upon independence in 1922. Former Fianna Fáil Senator and Party General Secretary Pat Farrell is the chief executive.