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• There is no paper involved, so electronic payments can be effected directly from home or office
• Fast, efficient, safe, secure and generally less costly than paper-based alternatives, e.g. cheques
• Electronic payments are fully traceable
• In Ireland, the clearing time for standard electronic payments is next day value for interbank transfers, subject to the payment instruction being received ahead of ‘shut-off’ times which can vary from bank to bank. Payment instructions received after the ‘shut-off’ time will be processed one working day later
• Most banks offer same day value for payments made to other accounts held in that same bank
• Many banks offer same day money transfer inter-bank services for large value payments
• Unlike cheques, electronic payments don’t ‘bounce’ – as payments will not be effected unless the funds are available in the first place
• Electronic payments are being standardised across Europe (see SEPA for more information) ensuring that payments to other EU countries are fast and efficient (this is not the case for cheques and bank drafts)

For further information on electronic payments please click on the menu to the left.