The cookie is set by the GDPR Cookie Consent plugin to record the user consent for the cookies in the category "Functional". Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Analytics" category. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category. These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. “I appreciate there may be a cost associated with introducing this service, but Irish banking customers are paying bank charges on a monthly or quarterly basis they deserve this service,” concluded Kelleher. “This is one of the many reasons why Revolut and other online banking providers are growing their market share in Ireland. Yet, we can be incredibly slow at introducing basic services like this for customers. “Ireland prides itself on being a leading Fin-Tech country. “Why is it that Irish banks always have to be dragged kicking and screaming in terms of introducing pro-consumer innovations. “The Irish banking sector needs to realise the direction of travel and start making a move ahead of it becoming mandatory if they want to catch up. The European Commission recently published a proposal that would make it mandatory for all IBAN to IBAN transfers to be ‘instant’. “While there is no legal requirement on banks to offer this service at present, it is coming down the tracks. Whereas, in many European countries, these transfers are instantaneous. At present, it can take at least a day for a transfer to be processed and to show up on an Irish bank account. Kelleher, a member of the European Parliament’s Economic and Monetary Affairs (ECON) Committee, said, “The current situation simply is not fair to Irish banking customers. Fianna Fáil MEP, Billy Kelleher has said that Irish retail banks must catch up with other European banks by introducing instant transfers between IBAN accounts.
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