Ms Niamh Davenport:

In line with the instant payments regulation that is coming out, they have started looking at that process. They want to align to an EU model. At the moment there is no cross-border confirmation of payee, which the regulation will call for. It has not existed to date. Just the UK and Netherlands have the confirmation of payee, as far as I am aware. They are not without their faults in some cases. We can learn lessons from that, which we can take on board as we go forward. We will be implementing it. The projects are under way. As we all know, the legislation for the instant payments regulation is coming. The project has already been set up to look at the capabilities relating to that.