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

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MrEarl said:
Hello,

What am I missing here, why are the three Irish banks rolling out Zippay, rather than SEPA Instant (when SEPA Instant is already in successful operation in more than a hundred European financial institutions)?
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They will be rolling out both, Zippay and Sepa Instant.
 
S class said:
They can resolve issues for the 95% of people who are helpful, polite and respectful. It's the arrogant 5% that cause the problems.
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A few people here have reported being unable to resolve problems or at least taking a very long frustrating time to do so. This does not mean that they are arrogant.
 
ClubMan said:
I've never paid transaction charges which is a bonus.
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I've just remembered why I had an account with them. They offered something like 10% interest on current account balances. Crazy times. When that ended, they were just to painful to deal with day to day even with no transactions fees.
 
If we based our banking on a trawl this forum and others with all the problems people have had with Irish mainstream banks. No one would touch them.

Irish banks banks used the move to online banks to degrade the branches, less staff, closed branches etc. All while offering a sub par online experience.

Revolut succeeded because main stream banks degraded their experience and neglected the needs of their customers.

FUD isn't really a good argument when the train has already left the station.
 
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Maybe I am biased but the problems with Revolut appear to me to be much more serious. People locked out of their accounts. Having their accounts cleared out and not getting anywhere with Revolut.

The mainstream banks have a higher number of problems because they are much bigger and have been around a lot longer. So, yes, Ulster Bank customers were locked out of their accounts due to an IT failure. ptsb had an IT failure as well.

But for one payments provider with a simple product, Revolut seems to have had a lot of problems.
 
Look at all the problems with mortgage with Irish Banks posted on these forums or in the media. Look at the their role in the banking crisis.

If it's a question of scale = more problems. Then Revolut has 60 million customers globally.

I'm old enough and conservative and risk adverse to want to keep a foot in an Irish Bank or two and another in the new online bank world.

But every time I use my Irish Banking Apps is like I've returned to the 1990s. That is the filter that colors my opinion on a Irish Bank Online feature.

Opting me into to something goes against the grain. It also suggests they don't have confidence in their own product and doesn't inspire confidence in me either..
 
Brendan Burgess said:
But for one payments provider with a simple product, Revolut seems to have had a lot of problems.
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I think the days of referring to them as a payment provider have passed.

Given they have a European banking license, it will be interesting to see their mortgage proposition when it launches to complement their existing credit products.

From a retail perspective, I think people will continue to maintain an array of banking providers. Their problems exist but for the domestic providers, only a certain amount of issues can be solved at branch level also.
 
I don't miss the days of having to move accounts to different branches because the bank insisted on only providing some services in the branch where the account was located.
 
Risk Reversal said:
I think the days of referring to them as a payment provider have passed.
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For the vast majority of users that is what they are.

It would be very unwise to use them for anything other than payments.

Buying a house and taking out a mortgage are very stressful experiences. No one should add to it by getting a mortgage from Revolut.

If the price was very low e.g. a cheap tracker, they might be suitable for switchers.

Of course, Revolut could fix this by providing a proper telephone support service but I doubt that they will.

Brendan
 
Brendan Burgess said:
The mainstream banks have a higher number of problems because they are much bigger and have been around a lot longer. So, yes, Ulster Bank customers were locked out of their accounts due to an IT failure. ptsb had an IT failure as well.
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During the UB IT failure, if memory serves, I was able to walk into a branch, produce ID, my bank card and a fresh payslip, and they gave me cash. They reconciled this later.

If Revolut had a failure of similar scale, I would not have that option, so I do not get my salary paid into my Revolut account.
 
This discussion thread is getting rediculous, it's got at least three different topics under discussion, with posts jumping between topics, on an ongoing basis. It's not easy to follow...

@Brendan Burgess I'm pretty sure you've either split discussions, or even closed discussion threads, in times past, when this has happened, so can you please do something with this one ? There's a solid relevant topic here, that keeps getting interrupted by people debating the good and bad of Revolut etc. which should be on a differnt thread, as in sure you'd agree :-) Thanks.
 
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Correct me if I'm wrong but it still isn't possible to send a payment to a non-Irish IBAN from the AIB app without breaking out a card reader, right?
 
I've used DKB in Germany as my sole primary bank (for salaries, rental income etc.) for 20 years and never had a problem I couldn't resolve remotely. I actually rarely had any problems at all. I've probably contacted them 5 times in those 20 years. Even DKB are being given a run for their money these days from the neobanks. They have yet to implement Wero for example, which I feel will become dominant in Europe as more and more legacy banks pile in. I don't understand the Irish banks going for this Zippay thing, well actually I do...they want to continue to discriminate against non-Irish IBANs as best they can.
 
MrEarl said:
@Brendan Burgess I'm pretty sure you've either split discussions, or even closed discussion threads, in times past, when this has happened, so can you please do something with this one ? There's a solid relevant topic here, that keeps getting interrupted by people debating the good and bad of Revolut etc. which should be on a differnt thread, as in sure you'd agree :-) Thanks.
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@ MrEarl

I had a look at it.

1) The three banks are offering a new service
2) Some say "Great - we want this as we don't like Revolut"
3) Others say "We don't need this as we have Revolut and Irish banks are useless"
4) And others say "It's a disgrace, they are forcing us to opt out".

I am not sure that they are off topic. And if they are, it would be almost impossible to disentangle them at this stage.

Is there a specific topic which you would like to focus on?

When Zippay is implemented, we could open a new thread for those of us who want to use it and have any questions on it.

Any off topic stuff would be deleted and referred to this thread.

Brendan
 
Brendan Burgess said:
For the vast majority of users that is what they are.

It would be very unwise to use them for anything other than payments.

Buying a house and taking out a mortgage are very stressful experiences. No one should add to it by getting a mortgage from Revolut.

If the price was very low e.g. a cheap tracker, they might be suitable for switchers.

Of course, Revolut could fix this by providing a proper telephone support service but I doubt that they will.
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I accept you mentioned that you are possibly biased but it's slightly alarmist to state that it would be very unwise to use them for anything other than payments. They avail of an equal deposit guarantee scheme and are regulated as a bank.

I'm not an advocate for using them solely for anyone's banking requirements but it is fair to say that they have raised the bar in the Irish market and in many products are leagues above what the domestic banks can offer.

To Mr Earl's point, that discussion is for another thread.

The domestic banks have mentioned that "Zippay will be offered on a non-discriminatory basis to all financial institutions that provide IBAN account services and a mobile app to Irish consumers". It would be interesting to see what would happen if Revolut joined the scheme. I'm not saying that they are interested. But would that not defeat the purpose of reclaiming market share and it would be optimal to just sticking with SEPA instant?
 
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