Irish banks consider new business model for Synch payments app to avoid Central Bank approval process

Nermal said:
Instant payment is only half of the problem that Revolut solved; the other is 'identity', i.e. being able to pay someone stored in my phone address book, rather than having to deal with 34-character IBANs.
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Not sure entirely how this works but it seems way to easy to transfer money if you don't have an IBAN. I know all the young people are using their phones to pay for things but it makes money careless to me. But then I still use cash a lot.
 
Bronte said:
Not sure entirely how this works but it seems way to easy to transfer money if you don't have an IBAN. I know all the young people are using their phones to pay for things but it makes money careless to me. But then I still use cash a lot.
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You need to keep up to date, Brontë. ! I was in a group of a dozen or so over 60’s recently and when it came to sorting out a bill every one of them had Revolut !
 
Bronte said:
Not sure entirely how this works but it seems way to easy to transfer money if you don't have an IBAN. I know all the young people are using their phones to pay for things but it makes money careless to me. But then I still use cash a lot.
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It's less careless than cash spending
 
This morning I transferred money from my BOI current account to Trade Republic (German SEPA) and at the same time I transferred money to my BOI credit card to pay it off this month. The trade republic funds are already cleared in my TR account yet my credit card account has yet to have the transfer hit. It's amazing how slow this internal money transfer is. Is there a delay on the receiving credit card account side too as both transfers were made within 5mins of each other?
 
Banks pump €3.2m into firm behind axed app to rival Revolut

"A new filing by Synch Payments to the Companies Registration Office has shown that €3.2 million in cash was put into the firm on December 18, 2023."

Based on the information in the public domain, this latest Irish Banks IT farce must have cost at least €20 million in external costs, not to mention what the participating banks spent on it internally.

Any advance on ZERO for the number of heads in the participating banks that will roll for this utterly stupid and futile folly ?? Or opinions on how much it will cost the directors of these august institutions ? Of course the banks loyal and long suffering customers and shareholders will as ever be at the ready to stump up.
 
Freelance said:
Banks pump €3.2m into firm behind axed app to rival Revolut

"A new filing by Synch Payments to the Companies Registration Office has shown that €3.2 million in cash was put into the firm on December 18, 2023."

Based on the information in the public domain, this latest Irish Banks IT farce must have cost at least €20 million in external costs, not to mention what the participating banks spent on it internally.

Any advance on ZERO for the number of heads in the participating banks that will roll for this utterly stupid and futile folly ?? Or opinions on how much it will cost the directors of these august institutions ? Of course the banks loyal and long suffering customers and shareholders will as ever be at the ready to stump up.
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All three banks are quoted companies, so will be holding AGMs. Put your hand up, and raise these points at the various meetings.

I'm just glad that it's been brought to a haukt, as it's better for the consumer, that it hasn't been rolled out.... the last thing we needed was a poor mans rival, to Sepa Instant.
 
MrEarl said:
All three banks are quoted companies, so will be holding AGMs. Put your hand up, and raise these points at the various meetings.

I'm just glad that it's been brought to a haukt, as it's better for the consumer, that it hasn't been rolled out.... the last thing we needed was a poor mans rival, to Sepa Instant.
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A sort of Laser card version of SEPA Instant
 
EU adopts instant payments rules to take on Visa, Mastercard

The European Union (EU) on Monday adopted rules to make instant payments in the euro currency fully available round-the-clock in a move it expected to help European payments companies compete against US firms Visa and Mastercard.

The new regulation will allow customers to transfer euro-denominated money within 10 seconds at any time, including outside business hours, not only within the same country but also to another EU member state, the Council of European Union said.
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This sounds promising.
 
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