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Electronic payments are either debit or credit payments that are processed entirely electronically, with the value passing from one bank account to another bank account. Credit payments, often referred to as Electronic Credit Transfers (ECT) or Electronic Funds Transfers (EFT), are where a customer instructs their bank to make a payment, electronically, to another bank account. Debit payments, known as direct debits, are where a customer instructs their bank to allow the payment to be charged to their bank account. Please click here for more information on Direct Debits.

EFT is used for many types of payments these days, such as salary/wages paid directly into bank accounts. Welfare payments, business-to-business payments, bill payments, expenses, standing orders, government disbursements etc. are all increasingly being paid electronically, directly to the bank accounts of the beneficiaries.

EFT payments can be made either individually (e.g. paying a bill) or in bulk (e.g. payroll for a company). Electronic payment facilities offered by Irish banks are typically accessible though their online banking services, but are in some cases available through telephone banking, ATMs and mobile phones. Additionally, many banks offer bulk electronic payment services with direct payment file submission facilities for business customers.

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