Update - 1.36pm: The Department of Employment Affairs and Social Protection has confirmed that the banks' payments system has been resolved and social welfare recipients will be paid today.
They said they had been informed by the Banking and Payments Federation (BPFI) that "the issue with the EU payments systems has been resolved".
The department said: "Customers whose social welfare payments were affected can expect payment to reach their account over the course of today."
They will continue to monitor the issue and they said any social welfare customer encountering difficulties should contact their Community Welfare Service at their local Intreo centre.
The European payments issue has now been resolved.
This means that any payment due to transfer to your account from another bank today has been processed.
You should expect to see the payment now credited to your account. We wish to apologise for any inconvenience caused. pic.twitter.com/zjydNLAI10— ask permanent tsb (@askpermanenttsb) October 2, 2018
Maurice Crowley from the Banking and Payments Federation of Ireland said: "The issue occurred in what they call the overnight clearing and settlement process, which occurs at a European level and there were issues overnight."
There are delays to child benefit and other social welfare payments to a number of Irish banks this morning.
The Department of Social Protection has said it is looking into the matter after a number of social welfare and children's allowance recipients who bank with Ulster Bank, Permanent TSB and An Post did not get their payments due this morning
Permanent TSB has issued a statement to say that, due to European payment delays, inter-bank payments that are normally processed in the early hours of the morning have yet to be received by the bank.
Ulster Bank has also issued a statement to its customers on Twitter saying they are aware of an "industry-wide payments issue" that has delayed credits being applied to Irish bank accounts.
We are aware there is an Industry wide Payments issue that has delayed some credits being applied to ROI Bank customer accounts. Investigations are ongoing to be able to apply these credits to customers accounts as soon as possible. https://t.co/25K9Vm8L8H— Ulster Bank Help (@UlsterBank_Help) October 2, 2018
They said it is expected that the issues will be resolved shortly and funds will be applied early today.
AIB and Bank of Ireland account holders have not been affected.
We have been advised that there is a delay with incoming credit transfers from the European Payments system. We apologise for the inconvenience that this may cause and can confirm that no customers will be adversely impacted.— AIB Customer Support (@AskAIB) October 2, 2018
The department has said it is aware of their and their officials have been contact with the banks today.
The Department of Social Protection issued a statement saying: "This is affecting some social welfare payments due to be paid into customer bank accounts this morning.
The Department is aware that a widespread bank payments issue is affecting some social welfare payments due into customer accounts today. The Banks are working to resolve the issue and we will continue to monitor the situation & provide updates throughout the day. #paymentupdate— welfare.ie (@welfare_ie) October 2, 2018
"The Department can confirm that it has processed all its payments as usual. Officials from the Department have been in contact with the main banks this morning and we understand that they are working to resolve this widespread payments issue as quickly as possible.
"The Department will continue to monitor the situation and will update customers throughout the day on our website and via social media."