Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is fair enough. On the question the Chairperson asked - Mr. Crowley responded to it - about the platform that the Irish Banking and Payments Federation is looking at, which has already been struck down because of competition laws, I do not understand why PTSB and other banks are designing this new platform between the banks here when there is a European platform that the banks could opt into. Why are the banks not opting into the European platform that is already there, that is, the single euro payments area, SEPA, instant credit transfer? It has already been built and is across Europe. It does not have to be done again. People could transfer money, as is done through Revolut, if banks sign up to this. Why are the banks creating their own platform and running into all these difficulties with the competition authority as a result?