Oireachtas Joint and Select Committees

Wednesday, 12 July 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Authorised Push Payment Fraud: Central Bank of Ireland

Mr. Colm Kincaid:

Within the corresponding banks involved in the transaction, and we also have non-bank payment service providers, such as payment institutions and e-money institutions, depending a little on the specific commercial arrangements those banks have, it will be held within the corresponding banking system that the customer's bank is using to transfer that money to another entity. That is where that money is held within the system.