Photo from left to right, Gillian Byrne, Head of Payments, BPFI; Cathy Bryce, Managing Director of Capital Markets AIB and President of BPFI; Minister for Finance, Michael McGrath TD; Susan Russell, Chief Executive, Retail Ireland Division, Bank of Ireland Group; and Barry Manning, Chair of the Irish Payments Council (IPC) and Head of Transaction Banking at Danske Bank Ireland
12th December 2023 – The Minister for Finance Michael McGrath TD today launched a public consultation on a future National Payments Strategy (NPS) for Ireland at BPFI’s offices in Dublin. The consultation is open for submissions until the 14th of February 2024.
Speaking at today’s event, Brian Hayes, Chief Executive, BPFI said: “BPFI welcomes today’s launch of the public consultation on the National Payments Strategy (NPS) by Minister for Finance Michael McGrath. Since the National Payments Plan (NPP) was established over ten years ago, the payments landscape in Ireland, as well as globally, has changed significantly with rapidly evolving developments across digital payments, instant payments, payments fraud, data collection and sharing and open banking as well use of and access to cash. BPFI and our members look forward to engaging in the NPS consultation process with the Department of Finance to ensure that consumer choice and confidence remain at the centre of the evolution of payments in the years ahead.”
Terms of Reference for a NPS were published in June of 2023 and the development of the NPS is led by the Department of Finance. The Strategy will set out a roadmap for the future evolution of the entire payments system, taking account of developments in digital payments, cash usage and how future changes should be made to the legislative criteria relating to Access to Cash.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 125 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.