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Online Payments

Payment Cloud Technologies provides banking platform for An Post

Tuesday 12 September 2017 | 10:55 AM CET

Payment Cloud Technologies (PCT) has launched its cloud-based digital banking platform bank.VISION on a national scale with An Post, an Ireland-based postal service.

An Post will use bank.VISION to launch its new Smart Account, a payment account with all the benefits of a standard current account. The product will include two additional features like: digital wallets that allow for the subdivision of spending, budgeting and bill payments; and Smart Rewards, a cash-back loyalty scheme that benefits customers who use the account at selected retailers.

The Smart Account allows customers to make payments, transfers, switch funds between main accounts and wallets and check their balance online or via mobile. They can also complete transactions in-branch including account application, lodgements, withdrawals, mini statements and balance enquiries at one of An Post’s 1,100 branches nationwide.

Ireland has one of the highest rates of digital banking adoption in Western Europe, with 41% of consumers using online banking and 32% using mobile banking more than they did 12 months ago. Ireland has also witnessed a significant reduction in physical contact with bank branches, with 41% reporting that they visit their bank branch significantly less than 12 months ago.

However, half of Irish consumers do not trust a financial institution without physical branches, and almost 60% desire the ability to visit a branch or talk to someone over the phone to secure advice at key moments.

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