Law360, London (April 29, 2021, 5:53 PM BST) -- Banks and other payment service providers in Ireland should step up efforts to implement instant payment systems and not wait for them to become mandatory, a top official at the country's central bank has said.
Payment services have been shaped by speed and innovation, Sharon Donnery, the Central Bank of Ireland's deputy governor, said at a webinar on Wednesday. She added that the removal of cross-border frictions on payments has grown ever stronger.
A key aspect of digital innovation is ensuring there is trust in instant payment systems, which can be built through having common bloc-wide policies, Donnery said.
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