Breakfast Business with Joe Lynam
Some notable changes for bank customers have come into force
06 Oct 2025
Chapter 1: What is the main topic discussed in this episode?
Breakfast Business with Enterprise Ireland on Newstalk.
Chapter 2: What notable changes for bank customers were recently introduced?
Some pretty notable changes for bank customers coming to force over the next few days. One of the changes, SEPA, or instant payments, will mean transfers taking no more than 10 seconds at any time of the day or night. The other is verification of payee or VOP. Could pose problems, though.
That's because if you're paying someone online, you have to get their full name exactly correct and not an approximation. Jill Byrne is Head of Payments with the Banking and Payments Federation Ireland or the BPFI and is sitting in front of me. Good morning, Jill.
Good morning, Joe.
Can we start with SEPA, S-E-P-A or Instant Payments. What will change for banking customers?
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.
Eurozone, obviously.
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Chapter 3: How will SEPA instant payments improve banking transactions?
It's within the SEPA zone, so the 27 member states and a few others.
So it will include Sweden?
The non-EEA countries, sorry, the EEA countries and a number of others as well. But primarily it's the 27 member states.
And you have to click it or is it not, does it not come automatically or you have to opt for it?
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.
Will you be charged for making it?
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.
The Brits have had this for six or seven years. Why has it taken us so long?
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.
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