Zippay - AIB,BoI and ptsb to launch instant payment service

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podgerodge said:
Zippay partner
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From some googling, this is an Italian FinTech company "Nexi" who have been contracted to build this for them.

www.aziendabanca.it

Nexi crea Zippay, mobile payment account-to-account per le banche irlandesi

È in arrivo Zippay, soluzione di mobile payment account-to-account, sviluppata da Nexi per la Banking & Payments Federation Ireland (BPFI). Sarà attiva in Irlanda dal 2026 nell'app di m-banking delle banche e permetterà di scambiare denaro con il numero di cellulare
www.aziendabanca.it www.aziendabanca.it
 
www.irishtimes.com

Irish banks in a deathmatch with Revolut

Revolut would seem to have all the advantages in terms of penetration, technology platforms, business culture and branding
www.irishtimes.com www.irishtimes.com

Per Irish Times article linked above:

"AIB, Bank of Ireland and Permanent TSB are now playing catch up and are going to bolt on some of the bells and whistles offered by Revolut to their existing apps including instant transfers. The service, called Zippay, will allow customers send, request and split payments instantaneously using the mobile numbers of contacts who are also using the service.
The technology will be provided by Nexi, a Milan based payments company, that was behind a stand-alone payment’s app planned by the Irish banks that was abandoned two years ago. Even if Nexi can meet the “early 2026” deadline for the launch of the new service it is hard to see it as being much more than a pale imitation of Revolut rather than a serious competition. Can you see yourself laboriously logging into the AIB or the Bank of Ireland app to send someone a tenner when it takes seconds on Revolut?
Revolut would seem to have all the advantages in terms of penetration, technology platforms, business culture and branding. So why even bother competing unless you are not going to drastically change your business culture and model to match?"


Anyway, I was informed by AIB that it is OPT-OUT, not opt-IN: "We're using a third-party partner for Zippay. To set you up to use this service we will provide your name, IBAN, your mobile number and date of birth (both encrypted) to our Zippay partner. For our partner to choose your main Zippay account we will also share information about whether you have an account on your own or with someone else, and which of your accounts has the most transactions in the last 90 days (this information will be deleted after 14 days). You will have one main Zippay account which can be with any of the participating banks. "

"If you don't want Zippay, the easiest way to switch this off is to log into your AIB mobile app, go to 'Settings', then 'Account Management', then click on 'Zippay'. If you are not able to use the AIB mobile app, you can also call us on 0818 306 011, 09:00 to 17:00, Monday to Friday (excluding Bank Holidays), to let us know. Let us know before 28 October 2025. "

Being opted into some third party company I know nothing about ain't for me. I think it's way beyond what they should be allowed to do. It feels like when Apple dumped that U2 album on everyone's phone. For now, for me, I'm opting out. I see no reason yet, and the third party involvement getting that data shared with them does not encourage me. Anyway, I'll "revolut" people for now.

I have now opted out of the AIB app - after the AIB app telling me it's "to make it easier for you" is why they opted me in! Anyway, after swiping that I wanted to opt out, they asked me was I sure, and when I said I was, I'm out. And happier. I hardly like my bank having my mobile number and date of birth, but not going near third parties for now.
 
Well, I have to say that I am glad that they are opting me in, so I don't have to go the hassle of opting in myself or installing yet another app.

If someone who hasn't Revolut wants to pay me, I can give them my phone number.

I would be annoyed with them if I want to pay them and they said "No, I opted out because I didn't want the bank to know my phone number".

I will keep Revolut for foreign currency payments and the 1% who have opted out of Zippay.

It's the same 1% who are responsible for me having to read excessive stuff on websites about cookies and to opt in.
 
I see that Brian Hayes, promoting Zippeay, says "The service will allow customers to send up to €1,000 per day as well as request up to €500 per transaction. It will be simple, speedy and secure".

Why the €1k sending limit and €500 request limit? Are they worried it's not secure?
 
podgerodge said:
But I can send more with Revolut? Are they just more confident?
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Revolut is a within-bank transfer product.

Zippay will be a between-bank transfer product.

My guess is - and it’s only a guess - is that fraud prevention, detection, and restitution is simpler if it’s all on the one system.

You’ll still be able to make larger between-bank transfers using IBANs.
 
A relative who is with Bank of Ireland asked me how to opt out and I explained it was relatively easy to do on the App. They couldn't find anything on the app. So I checked their app for them and sure enough, zilch about Zippay, or how to opt out .

So I googled. Turns out, unlike AIB, BOI can't even provide the functionality to opt out until after their new app goes live, which is AFTER you've been opted into Zippay.

You have to ring them. Or wait until after you've been opted IN to opt OUT on the app in a few months.

Of course, it's these dinosaur systems that has traditional banks trying to play catch up with Revolut in the first place. But not being able to provide app functionality to opt out in advance of going live is an absolute joke. In my view!
 

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There's already a good instant payment system with a better track record for good online application than Irish Banks. Only issue for some people is it's a Third party. Though I'll say I only use it for small cash transactions.

So there's an irony in preferring Irish Banks who's online applications and systems have historically been lackluster at best and also using a Third party without your permission.

An opt out should be a security red flag. Especially for financial systems. The optics are awful.
 
Brendan Burgess: "They are trying to make a very good instant payment system as easy as possible for the 99% of us who don't mind if a trusted third party has our details. Hopefully some stupid regulatory authority won't tell them to make it more difficult so the 1% will be satisfied."

(Sorry, for some reason can't find the quote button) -

@Brendan Burgess How do you know Brendan that 99% of us don't mind if a "trusted" third party has our details, without our express permission? I'd wager half the customers of the 3 banks don't even realise it yet, and a good proportion would have a concern if someone spelt it out to them.
 
Looks like BOI share your concerns !! They have just issued new Terms & Conditions (effective 30 November 2025) covering Zippay, and specifically permitting BOI to share your date on a 'legitimate interest" basis. Obviously they realised that they are on thin ice. I wonder what would happen if people wrote to them stating that they do not consent to their data being shared with Zippay.

For once in their lives PTSB APPEAR to be in better shape than the other pair. They say here

Setting up Zippay​

Some PTSB Current Account customers will be automatically enrolled into this service when it launches in early 2026. If this applies to you, you will receive a letter or an email in September with more information on automatic enrolment, including how to opt out.

If you don’t receive a letter or an email from us about Zippay, don’t worry - if you are over 16 with an eligible PTSB Current Account, and have downloaded the PTSB app you will be able to enrol when Zippay launches.
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