Brian Hayes: Legacy IT systems holding Irish banks back

Irish banks risk being left behind in a wave of financial services innovation as their outdated IT systems stunt their ability to embrace technology.

Fine Gael MEP Brian Hayes said Irish banks’ payment systems have created “major problems” that are unsustainable in the long-term.

As the country’s established lenders struggle to overcome the scars of the financial crisis, a crop of financial technology upstarts are providing a whole new challenge.