The Central Bank of Ireland published remarks by Deputy Governor Vasileios Madouros from the BPFI National Payments Conference, urging authorities and industry to both close current gaps in Ireland’s payments offering and stay aligned with fast-moving innovation, including potential future use of distributed ledger technology (DLT) in payments. Madouros highlighted the rapid shift from cash to electronic payments and argued that “pay-by-account” can provide an effective alternative to cards by strengthening competition, lowering costs and improving resilience, while noting that Ireland lags other jurisdictions in availability and offerings. He pointed to progress on the National Payments Strategy (NPS) over the past year but said substantial work remains and that making pay-by-account functionality broadly available should be a near-term priority for both the Central Bank and industry. Looking ahead, he described DLT integration into financial services as plausible and emphasised the Bank’s role in ensuring trust, including deepening its understanding of technological risks and opportunities, exploring new technologies for settlement in central bank money, preparing for a Digital Euro, maintaining responsive regulation and supervision, and protecting access and choice for those who prefer or depend on cash.
Central Bank of Ireland 2025-03-13
Central Bank of Ireland calls for accelerated pay-by-account rollout and strategic preparedness for DLT-driven payments innovation
At the BPFI National Payments Conference, Central Bank of Ireland's Deputy Governor Vasileios Madouros emphasized closing gaps in Ireland's payments system and aligning with innovations like distributed ledger technology (DLT). He advocated for "pay-by-account" as a competitive alternative to cards, highlighting Ireland's lag in electronic payment offerings. Madouros also stressed the importance of the National Payments Strategy, DLT integration, and preparing for a Digital Euro while ensuring regulatory responsiveness and cash access.