Gill Byrne

Good morning, Joe.

So what will change over the next coming days, and I'd actually expect that some changes will be seen for a lot of your listeners maybe this morning, is that when you log on to your online or mobile banking app to make a payment, you'll see this new option for a SEPA instant payment.

And what you'll be able to do is you'll be able to, as you correctly outlined, make a payment to any other bank outside your own bank in Ireland or across the whole of Europe within 10 seconds.

It's within the SEPA zone, so the 27 member states and a few others.

The non-EEA countries, sorry, the EEA countries and a number of others as well.

But primarily it's the 27 member states.

For the vast majority of players, Joe, I would expect you would be given an additional option.

So you either make a regular SEPA payment and that will probably arrive either within the day or the next day, or you choose to make a SEPA instant payment and that's when the payment will be processed within the 10 seconds, 24-7-365.

There are no additional costs.

So the cost that you would pay for your regular transfer will be the exact same, for instance.

So no additional cost.

It's taken so long because it's so complex of a delivery.

Because when you're talking about instant payments, you're talking about real-time payments.

And I think it was back in probably about two years ago at this stage where Europe launched the instant payments regulation and mandated that by Thursday, all providers in Europe...

have to adhere to instant payments.

And they did that.

The rationale behind it was because the market-led approach wasn't working, wasn't achieving the values they wanted it to.

Europe had to be ordered to do it.

It definitely wasn't just Ireland, but Europe were ordered to do it.

And look, it's a massive development, significantly complex development, but a really, really positive one.