The Irish Payments Council has three core objectives:
IPC’s role is also to provide administrative and operational support to any Payment System or Payment Scheme or the participants therein, including (without limitation) in relation to the operation of IPCC and the operation of the SEPA Schemes (and so that all and any such administrative and operational support may itself be outsourced by IPC to BPFI).
In line with the IPC Rules, administration of the IPCC has been outsourced from IPC to BPFI.
The Irish Paper Clearing Company CLG was created following a merger of the Irish Paper Credit Clearing Company Ltd. and the Irish Paper Debit Clearing Company Ltd. in December 2002. These companies were established in June 1997 to create, maintain and operate a payment, clearing and settlement system for domestic paper debits and credits. The company is run by a Board of Directors comprising one representative from each of the six member banks.
The company is responsible for the inter-bank paper clearing mechanisms, which enable paper credits and debits to be exchanged between all financial institutions within the state. It is responsible for the imposition of rules and standards and the upkeep and updating of those rules and standards.
For Guidelines, Rules and Principles regarding membership of IPCC please see the following documentation:
The Irish Retail Electronic Payments Clearing Company Ltd. (IRECC) was established in June 1997 to create, maintain and operate an electronic funds transfer payment, clearing and settlement system for domestic electronic payments. The Company was run by a Board of Directors, comprising one representative from each of the six member banks.
With the migration from domestic electronic payment schemes to the Single Euro Payment Area (SEPA) IRECC entered voluntary liquidation in late 2014.