BANK of Ireland customers will be able to transfer money into another person's account, even if they don't have their account number, under new plans just revealed.
The bank said it will launch its "Pay to Mobile" banking app in the new year. The app will allow people to move money to another Bank of Ireland account on the island of Ireland using their mobile number rather than having to have the full account details.
The move is a radical departure for the bank. Traditionally, a user had to provide the number and sort code of the other person's account before they could make any transfer, but with near 100pc mobile phone ownership in the State, it feels that is now a viable alternative.
The app will let users send as much as €100 (or £100 if they are in the North) in one transaction. The maximum daily limit will be €300 or £300.
Users will be able to receive at most €600 or £600 a day.
To transfer money customers will need to have downloaded the app and registered their account with Banking 365.
Users don't need to have the app or a smartphone to receive money, but they must have registered their mobile number for the "Pay to Mobile" service.