Finance

Central Bank says Ireland ‘lags’ behind Europe on payment innovation

The Central Bank of Ireland was speaking at the Banking & Payments Federation Ireland conference on payments

Vasileios Madouros, deputy governor of the Central Bank, highlighted that Ireland was lagging behind its European peers. Picture: Central Bank

Ireland has “lagged behind” European peers on the “depth and breadth” of payment services, the Central Bank (CBI) has said.

Speaking at the Banking & Payments Federation Ireland National Payments Conference, Vasileios Madouros, deputy governor of the bank, highlighted that “despite the instant payments infrastructure being available since 2017, material providers of payment accounts in Ireland have not implemented it”.

The bank, which also published its recommendation on advancing payment innovations, said Irish consumers and ...