Irish banks working on a payments app to compete with Revolut

paulgreen

Frequent Poster
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62
I currently have an N26 Account,Revolut (stg) and Transferwise all have great apps and I have cards for all
Now we all know the the Irish Banks won't be anything like these 3 as there only interest is ripping the public off, lets face it they have been doing that for years its in there make up unless they offer free cash then they can go whistle.
I have always said they would rather slit there wrists than give you something for nothing!
 

Gordon Gekko

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4,817
Now we all know the the Irish Banks won't be anything like these 3 as there only interest is ripping the public off, lets face it they have been doing that for years its in there make up unless they offer free cash then they can go whistle.
I have always said they would rather slit there wrists than give you something for nothing!
At least you’re open-minded about it...
 

Peanuts20

Registered User
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245
I do find it astonishing that some people seem to think it is a prudent thing to do to have large sums saved with a loss making online "money manager" app which lacks the cover that a licensed bank can give.

When I look at my own banking requirements and needs, as an ordinary "Joe Soap" and the costs of my banking in terms of fees and charges against what I would pay on Revolut, the saving to me would work out at around €0.80 per week. Not worth the risk in my mind.
 

shweeney

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309
I do find it astonishing that some people seem to think it is a prudent thing to do to have large sums saved with a loss making online "money manager" app which lacks the cover that a licensed bank can give.

When I look at my own banking requirements and needs, as an ordinary "Joe Soap" and the costs of my banking in terms of fees and charges against what I would pay on Revolut, the saving to me would work out at around €0.80 per week. Not worth the risk in my mind.
who has large sums of money with Revolut?
 

Peanuts20

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245
who has large sums of money with Revolut?
Average value in the UK in a Revolut account is £305, approx €340. As that is the average, it would suggest some people have larger amounts in it.

This is seperate from those held in Revolut savings vaults which really shows the weakness of Revolut since those are no more then savings accounts held at a licenced bank which Revolut cream some interest off which is not paid to the account holder.
 

Peanuts20

Registered User
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245
No, the savings vaults are not separate accounts. All your money is held in a single account. They are just a visual tools helping account holders to organise their money.
On valuts, Revolut send your money to a high street bank and they hold the money in a seperate account. (the trustee) Your vault and the Revolut app is aggregating all of this together
 

tomdublin

Frequent Poster
Messages
120
All their deposits are held in a segregated client account with a bank. "Vaults" have nothing to do with this. If you create a "vault" and transfer money into it from your Revolut account the money doesn't leave your account. It's a bit like creating subfolders on your computer. The files stay in the same place but they become easier to visualise.
 
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mojoask

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141
An app, from a group of Irish banks, to rival Revolut? I had to check my phone to make sure it wasn't April fools' day.

As usual, our banks are looking to sow up the market for their own ends, they're "solving" a problem which doesn't even exist (see: SEPA Instant Credit Transfer). This looks a lot like the latest incarnation of the Laser card!
 

MugsGame

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2,575
I had the same initial reaction to this news, until I did some research (see my post earlier in thread).

Pegasus is the Irish banks way of rolling out access to SEPA Instant. "Like Revolut" seems to be their way of explaining it to the media.

I don't expect it to be perfect, but I'm happy to wait and see.

Coming together in this way also allows them to support some of the optional functionality
A scheme participant must have an agreement with other individual scheme participants or with communities of scheme participants (for example, at the level of a country) before it can support any option.
 
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mojoask

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141
I was just listening to the IT's Inside Business podcast and apparently the banks haven't upgraded their systems to comply with SEPA Instant, so this looks like a cheap fix.
 

arbitron

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177
I was just listening to the IT's Inside Business podcast and apparently the banks haven't upgraded their systems to comply with SEPA Instant, so this looks like a cheap fix.
Just listened to the same podcast and could not believe it. They mentioned the new BofI app which the bank spent a lot of money on and it is still very poor. I tried to use it on a tablet recently and it was impossible. KBC and AIB are better but they are all struggling to offer a clean and attractive user experience/interface which the new fintech firms are excelling at.
 

Ordinary User

New Member
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2
tbh having experience of using online banking, dedicated apps etc in other countries, the stage of technical development of Irish banks, what they offer, how it operates and what can you do within your bank account is simply shocking. I don't think they can actually deliver something that could compete with Revolut.
 
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