The insurance industry is under pressure to ensure smooth sailing in its processes as well as fighting off illegitimacies following the Covid-19 pandemic, and banks are too far behind with measures put in place to ensure that that too can survive the pandemic.
Central Bank warns Brexit may bring some disruption to financial services
Brexit continues to unravel itself, and this is shown as the Central Bank warns of disruptions despite financial service providers being prepared for the impact that Brexit has caused on services for Irish and UK customers looking to do cross-border transactions, as additional information is needed for payments to be processed.
Govt engages with banks on further repayment breaks
Plans to have the repayment breaks extended for customers severely hit by the Covid-19 pandemic. Leo Varadkar says that banks are willing to be part of the discussion and are showing positive signs of considering terms to alleviate pressure off customers for a set period of time.
Banks to create payment app to rival Revolut and N26
Banks are binding together to create a money transfer that will rival Revolut and N26 to make these transactions easier for the consumer. The project has been in the pipeline for some time now and should the Consumer Protection Commission give their go-ahead on this, the app will be released as soon as it’s functional, as there is a great demand for a user-friendly app amidst the Covid-19 pandemic and extended lockdown.
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