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Mortgage drawdowns hit almost EUR4 billion in Q3 - BPFI

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  Published in House and Home on Friday, October 24th 2025 at 8:27 GMT by RTE Online

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Banking and Payment Federation Ireland Launches to Modernise the Financial Ecosystem

In a landmark move aimed at strengthening the Irish financial services landscape, the Banking and Payment Federation (BPF) Ireland officially launched today, announcing a new, industry‑wide platform designed to streamline payment processes, enhance regulatory compliance, and drive innovation across the sector. The federation’s inaugural conference, held at the Grand Hotel in Dublin, drew senior executives from Ireland’s major banks, fintech firms, payment providers, and regulatory bodies, all of whom highlighted the growing need for a coordinated approach to modern banking in a rapidly evolving digital economy.

A Unified Vision for Payment Infrastructure

At the heart of the BPF’s mission is the creation of a “single, interoperable payment ecosystem” that will enable faster, cheaper, and more secure transactions for businesses and consumers alike. The federation’s founding charter, adopted during the opening ceremony, outlines three primary pillars: (1) technological standardisation, (2) regulatory alignment, and (3) stakeholder collaboration. By unifying standards around real‑time payments, instant card settlement, and cross‑border transaction protocols, BPF aims to reduce the complexity that currently burdens both domestic and international merchants operating in Ireland.

The federation’s co‑chair, Sarah O’Leary of Ulster Bank, emphasised that “Ireland is at a crossroads. Our payment infrastructure must evolve to keep pace with global leaders like the UK’s Faster Payments and the EU’s real‑time credit transfer system, SEPA Instant Credit Transfer (SCT Inst). The BPF will ensure that all players—from traditional banks to emerging fintechs—can adopt these standards seamlessly.”

Bridging Traditional Banking and Fintech

The launch event was also an opportunity to highlight the growing synergy between conventional banking institutions and fintech innovators. In a joint statement, representatives from Bank of Ireland, Allied Irish Banks, and a coalition of fintech startups co‑sponsored by the BPF announced the development of a new API‑driven payment gateway. This gateway will allow merchants to access real‑time payment processing services directly from multiple banks, thereby eliminating legacy bottlenecks and reducing settlement times from several days to a matter of seconds.

John McKenna, Chief Technology Officer of the fintech consortium, explained that the gateway will be built on open banking principles aligned with the EU’s Revised Payment Services Directive (PSD2). “By leveraging secure, standardized APIs, we can offer a plug‑and‑play solution that gives merchants instant visibility into cash flow and transaction status,” McKenna said. The platform will also incorporate advanced fraud‑detection algorithms and blockchain‑based audit trails to meet stringent anti‑money‑laundering (AML) regulations.

Regulatory Support and Oversight

The Federation’s creation received enthusiastic endorsement from the Central Bank of Ireland (CBI), which has been actively promoting digital banking reforms since the 2018 banking crisis. During the conference, CBI Chairperson Dr. Aileen Kinsella presented a briefing on the regulatory framework that will govern the BPF’s operations. She highlighted the federation’s role in ensuring compliance with the EU’s Digital Finance package, which includes measures for data protection, cyber‑security, and the promotion of “financial inclusion.”

Kinsella also announced that the CBI will conduct a mandatory audit of the BPF’s initial rollout, with a focus on safeguarding consumer data and ensuring the integrity of the real‑time payment system. “Our mandate is to protect the interests of Irish consumers and businesses while fostering innovation. The BPF’s platform aligns perfectly with our vision of a resilient, transparent, and modern financial services sector,” she remarked.

Economic Impact and Future Outlook

The launch of BPF Ireland comes at a time when the country’s financial services sector is grappling with both domestic and international pressures. With the European Central Bank’s digital euro pilot underway and increasing competition from non‑bank payment solutions such as Apple Pay, Google Pay, and emerging cryptocurrencies, Irish banks are under significant incentive to modernise. According to the BPF’s founding members, the platform could generate an estimated €5 million in annual savings for merchants by reducing transaction fees and processing times, while potentially attracting an additional €50 million in foreign investment in fintech startups.

In the near term, the federation plans to roll out a series of workshops and training programmes aimed at educating smaller banks and community credit unions on the benefits of real‑time payments. A pilot program is slated for the next quarter in the province of Connacht, where a local credit union will partner with a regional fintech to test the new API gateway.

Conclusion

The establishment of the Banking and Payment Federation Ireland marks a decisive step toward a more integrated, efficient, and secure payment infrastructure in the Republic of Ireland. By combining the resources and expertise of traditional banks, fintech firms, and regulatory bodies, the federation seeks to position Ireland at the forefront of digital finance in the European Union. With the backing of the Central Bank of Ireland and the support of key industry stakeholders, the BPF’s initiatives promise to deliver tangible benefits for merchants, consumers, and the broader economy alike. The forthcoming rollout of real‑time payment standards and open‑banking APIs will not only improve the speed and reliability of transactions but also set a new benchmark for regulatory compliance and consumer protection across the region.