Kevin O'Connell

The latest Central Bank of Ireland (https://lnkd.in/ef3MDSGG) and separately the Banking and Payments Federation of Ireland quarterly statistics (below) on payments show Ireland continues to experience phenomenal growth in the adoption of electronic payments. - 20% value and over 30% volume increase between 2022 and 2023 (CBI) - continued reduction in cash usage long passed a tipping point - 47% increase in use of Digital Wallet Payments (BPFI) - higher penetration for in-person payments - expect to see significant growth in ecommerce checkout using digital wallets - Digital Payment Wallets overtake physical card payments in-store (BPFI) - consumer use of physical cards reducing as €50 contactless limit doesnt apply to wallet payments - Average 277 contactless payments by Irish consumers ('Mar-23 - Mar 24') (BPFI) - Significant regional variances in the use of contactless in metro versus rural locations i.e. 394 in Dublin and 135 in Roscommon (BPFI) - interesting to understand whether this is because commerce in rural settings requires consumers to carry cash for some B2C settings whilst in metro settings the use of cash is no longer necessary - Card payments represent 63% volume, but only 1.1% of value of electronic payments (BPFI) - it will be interesting to observe whether SEPA Instant, improvements to Open Banking can pave the way for A2A payment solutions to challenge card payments for B2C payments in Ireland - Cheque payments are steadily declining, but Ireland's use of Cheque remains high (3 per cap p/a) compared to most EU states https://lnkd.in/eVwxXXhy

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Ireland’s newly released National Payments Strategy is a forward-thinking approach to modernize and enhance trust in the payments ecosystem. Some key point highlights: 1️⃣ Strengthening Public Trust: The vision emphasizes a secure, effective payment system, ensuring consumer confidence. 2️⃣ Cash Still Matters: While electronic payments are growing, cash remains vital, especially for those over 65. New legislation aims to maintain fair cash access across Ireland. 3️⃣ Cards & Credit Transfers Lead the Way: Cards are the top payment method by volume, while credit transfers dominate transaction value. However, a new wave of credit transfers signals exciting growth. 4️⃣ Emerging Digital Options: Open Banking and Instant Payments will address Ireland’s gap in direct, account-to-account payments, aligning with Europe’s payment leaders. 5️⃣ Preparing for the Future: The strategy promotes innovation, supporting digital wallets, QR codes, and “pay by account” options to keep pace with evolving needs. Interesting, to not see more about #fraud, #cyber and #scams. Not too surprising given the positioning in Europe to not see mentions about #crossborder payments. Ireland is focused on delivering an inclusive, resilient, and future-ready payments landscape. At PayEd - Education in Payments, we’re excited to watch these developments and help guide businesses through the transformation! #Payments #Innovation #Ireland #OpenBanking #CashlessSociety

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Open banking in Ireland is undergoing an evolution, with digital #payments and mobile banking on the rise. Read our blog to uncover local payment trends, opportunities and challenges: https://lnkd.in/eUM74_wh

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🔍 How can banks create a better banking experience for small businesses? 🚀 Edgardo Torres-Caballero, Tuum's Chief Revenue Officer, recently joined The Fintech Show hosted by FF News | Fintech Finance, alongside James Holian from NatWest and Niall Devlin from Bank of Ireland. They explore how banks can harness advanced technologies to support SMEs in this insightful episode. 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀: 𝗘𝗺𝗯𝗿𝗮𝗰𝗲 𝗗𝗶𝗴𝗶𝘁𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻: Learn why integrating modern digital platforms is crucial for delivering rapid, efficient banking solutions. 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘇𝗲𝗱 𝗕𝗮𝗻𝗸𝗶𝗻𝗴: Discover how personalized services can enhance customer satisfaction and drive business growth. 𝗔𝗣𝗜-𝗗𝗿𝗶𝘃𝗲𝗻 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻: See how APIs enable seamless integration with fintechs to provide tailored solutions for SMEs. 𝗗𝗮𝘁𝗮 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀 & 𝗔𝗜: Find out how data analytics and AI can transform decision-making and improve customer experiences. 𝗦𝗰𝗮𝗹𝗮𝗯𝗹𝗲 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀: Explore how scalable, modular platforms empower banks to innovate and adapt quickly. 🌟 Empowering Small Businesses: Small businesses face unique challenges that require flexible, responsive banking solutions. At Tuum, we are committed to providing tailored banking experiences that meet these needs. Watch the full episode to get inspired and learn how our cutting-edge technology is transforming the SME banking landscape: https://lnkd.in/e9txtVEB #Corebanking #Fintech #SMEs #DigitalTransformation #Tuum

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Davies’ Evaluation Endorses DataVisor’s Enhanced AML/BSA Solutions, Affirming Operational Integrity and Seamless Investigation Processes for FIs “At DataVisor, we hold a steadfast commitment to continuously advancing and ensuring the quality of our product,” said Fang Yu, DataVisor co-founder and chief product officer. “By leveraging Davies’s specialized expertise and rigorous validation processes, we are able to meticulously assess and validate the effectiveness and integrity of our products. Together with Davies, we are proud to demonstrate a sound and robust AML/BSA solution with modern technology to combat financial crimes within the global financial ecosystem.” Kurt Drozd https://lnkd.in/eT6A6f86 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Fintech focus part two: amid rapid tech development, are fintech players acquiring to keep up? Darran Nangle shares his observations of the Irish market with the Irish Times stating that “while the pace of emerging technology is certainly a material factor in driving M&A in fintech, it is not the only one at play”. Read more: https://lnkd.in/eAKEsVTd #Fintech #FinacialRegulation

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HM Treasury published its National Payments Vision, outlining an ambitious plan to create a trusted, world-leading payments ecosystem built on next-generation technology. The Vision sets the strategic direction for the UK’s payments sector, ensuring it continues to drive economic growth, foster innovation, and offer diverse payment methods to consumers and businesses. Key strategies include:  ➡️ New initiatives, such as the Payments Vision Delivery Committee, to streamline regulatory efforts and support the UK’s transition to next-generation payment systems; ➡️ The prioritisation of Open Banking, with plans to improve account-to-account payments and explorations into a retail Central Bank Digital Currency (Digital Pound); and ➡️ Tackling payment fraud, with enhanced measures for consumer protection and collaboration across sectors, including technology and telecommunications. ✅ Payment firms are encouraged to align their strategies with these advancements, ensuring they remain competitive and compliant. https://lnkd.in/e4WcFtzb

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Our CEO, Derek Foley Butler, FCA, recently had the pleasure of joining the CEO of Revolut Europe and the Director of Financial Services Ireland on 'That Great Business Show.' It was an excellent discussion, highlighting the exciting developments at GRID Finance and the broader financial landscape. Check out the episode for some great insights! #GRIDFinance #Podcast #FinancialInnovation

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From today, media channels will be announcing that the Irish post office, An Post, is embedding an advanced new anti-fraud technology into its payments app. Read the full media release is below. Safecypher, one of Europe’s leading card payments security companies, has launched an advanced new anti-fraud technology in partnership with An Post. The Irish Post office will now embed the Safecypher security technology for CNP (Cardholder-Not-Present) payments into its popular An Post Payments app. CNP fraud is one of the most devious and pernicious types of credit and payments card fraud, and CNP global losses predicted for 2024 are $35.8 billion. CNP fraud occurs when criminals carry out transactions by phone or online using seemingly legitimate card details, including the account holder's name, full card number, expiry date, and CVV number. Safecypher provides two-factor authentication of every payment by replacing the standard static card verification (CVV – 3 digits on the reverse of the physical card) with a randomly generated dynamic CVV to replace it. This means that even if a card is compromised, one of the key checks on payments cannot be carried out unless you have access to the cardholder’s device and can access the banking app. Debbie Byrne, Managing Director of An Post Retail describes this new secure facility as a game-changer for new and existing customers: “This is a brilliantly useful and innovative facility for An Post Money Current Account customers. It is so simple to activate and employ but ensures priceless peace of mind and financial security when shopping online or ordering over the phone. We are delighted to partner with the Safecypher team in being the first current account provider in Ireland to make this great facility available, free of charge, to our customers.” Ben Jordan, CEO of Safecypher said, “This partnership with An Post is a substantial advance in the battle against cardholder not present credit card fraud. From the very start of our engagement, we were impressed by the team at An Post, and their determination to bring this new anti-fraud technology to every cardholder.’ Ben concluded, “Every fraudulent transaction costs the banking and payments ecosystem and their customers money that could be spent better elsewhere. An Post’s determination to stamp it out and enhance the service they give to their customers was a real incentive for us to get the product built, tested and deployed.” Safecypher anti-fraud technology can either be embedded into a bank’s existing app, or it can be provided by a stand-alone white label app. Only the cardholder will have access to the dynamic CVV, which changes after short time, so it will be different for the next transaction.

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🚀 𝐄𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐍𝐞𝐰𝐬! Permanent TSB teams up with Worldpay to supercharge merchant services across Ireland! 💳✨ This partnership means faster, more efficient payment solutions for businesses. Are you ready for the future of fintech? 🌐 #Fintech #Payments #Innovation #BusinessGrowth #PTSB #Worldpay #Ireland #DigitalPayment

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🎉We are a The Card & Payments Awards finalist again, twice over! The Card and Payments Awards is the UK and Ireland’s longest-standing industry awards program, celebrating payments excellence and innovation in the sector. This year, Nium is a finalist in not one but two categories, including: 💳 Best Service to Business - Together with AXA, Visa, and Paysure Solutions Ltd, we are revolutionizing healthcare payments for the insurance industry. Using a virtual card issued by Nium, AXA members can instantly pay for outpatient treatments and prescriptions, avoiding lengthy pay-and-claim processes for everyday healthcare costs. Read more: https://lnkd.in/et7msM9k 📱Best Technology Integration - Our collaboration with Swift is transforming the way financial institutions send money across borders. The ability to connect to Nium's real-time payments network via Swift is a game-changer for banks, enabling faster settlement, end-to-end transparency, and reduced transfer costs. Check it out: https://lnkd.in/ezT-5Z9U. Congrats to all of the 2025 nominees! 🏆 #Awards #Fintech #RealTimePayments #CrossBorderPayments #B2BPayments

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Is your Credit Union ready for DORA?   As we move towards the deadline for the Digital Operational Resilience Act (DORA), it’s crucial that Credit Unions are prepared to meet the evolving regulatory requirements.   Nostra, in collaboration with Microsoft and the Irish League of Credit Unions, recently hosted an informative session that provided valuable insights into DORA and its impact on Credit Unions. The event covered key strategies for ensuring operational resilience, with a focus on using the NIST (National Institute of Standards and Technology) framework to implement the necessary changes effectively.   The DORA regulation is designed to strengthen the financial sector’s resilience against cyber threats and operational disruptions. Credit Unions must now assess their readiness and ensure that their IT and operational systems can withstand, respond to, and recover from cyber incidents and other disruptions.   If your Credit Union needs guidance on implementing DORA, now is the time to act. With the fast approaching, ensure your organisation has the right systems, processes, and strategies in place to comply with these important regulations.   For more details on how Nostra can assist you in this process, feel free to get in touch at [email protected] #CreditUnions #CyberSecurity #Microsoft #ILCU

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PayRetailers Appoints Patrick Lemay as Head of Corporate Development Juan Pablo Jutgla, CEO at PayRetailers, said: “I am delighted to welcome Patrick to PayRetailers. His background and experience will undoubtedly assist us as we expand our operations beyond Latin America and Africa. Patrick’s industry insights will be invaluable as we navigate our next chapter of growth. As we focus on geographic expansion and broaden our product and service offerings, we will also actively pursue inorganic growth opportunities. Our strategy includes not only expanding into new regions, but also increasing our payment options and deepening our relationships with industries we already serve.” https://lnkd.in/ebYgG6DV Morena Monteiro Sofia Richi María José Naya Renato Cassinelli Sebastián Rosas #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Nexi Group 🤝 Payac Services CLG 🇮🇪 💸 As a result of this partnership, 176 credit unions in the Republic of Ireland of ALL SIZES will use Nexi’s Instant Payments platform which will allow credit union members to make INSANT money transfers 🛡 👏 Credit unions will ALSO benefit from Nexi’s anti-fraud service which is designed to identify AND manage potentially fraudulent payments through real-time analysis. The integration of Nexi’s Instant Payments platform into the Credit Union systems will be completed in later THIS YEAR! 👨‍💻 “The partnership with Payac further strengthens our position as a market leader in Europe, providing excellent technological solutions. It is another fundamental step in the proliferation of digital payment solutions, consistent with Nexi’s mission. Instant payments represent a great opportunity in the continuous evolution of payment services. The growth of instant payments of 35% at a European level in 2023 will be accelerated even more by the new REGULATION (EU) 2024/886 and Nexi is perfectly equipped to support credit unions and their members in this exciting journey”, says Renato Martini, Digital Banking Solutions Director of Nexi Group. Read more on the link below! 👇 Seamus Newcombe Sandra Reev John Jennie Johansson Carnhamre Kira Magennis Simona Tamagni Matt Rowsell Omar Haque #nexi #sepa #instantpayments #creditunion #payac #digitalpayments #sepapayments #regulatorycompliance #payments #fraudprevention

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E194 That Great Business Show with Conall Ó Móráin The Republic of Ireland (pop. 5m) has 2.7 million Revolut users. Percentage wise, Ireland is the biggest adopter of neobanks across the EU. Head of Revolut EU is Joe Heneghan who talks to us about what the future of banking looks like. Will we ever darken a banking hall again? Also biting the heels of the so-called 'pilar banks' are SME funders like GRID whose founder, Derek Foley Butler, FCA, also joins us to see what he sees now and what he sees looking into the future. Then, there's Financial Services Ireland (FSI) that is hell-bent on making Ireland a fintech capital (as are the UK, France, Lithuania, Estonia...). Patricia Callan, FSI Director, gives us an overview of that the challenges and opportunities are for new and established fintech startups here. As always we ask all our guests for their 'hire in a heartbeat' recommendation and here's this episode's line-up. Lobbyist Patricia would like to hire Alastair Campbell, Tony Blair's PR when UK PM, for his lobbying prowess (and for his podcast The Rest is Politics Goalhanger Podcasts ) Derek would like to have Mairead McGuinness, EU Commissioner for Financial Services on his team, for obvious reasons as he explains the surreal amount of regulation the industry is currently facing Joe is an admirer of the Wayflyer model (a very clever Irish fintech unicorn) and he'd like if Aidan Corbett, co-founder, would drop into his office for 'a chat'. REPOST please. That's different to a 'like' that does nothing. A REPOST goes to all your followers who may be interested in the topics our guests raise. So if you'd like people to know what Revolut, Grid Finance and the FSI are planning, make sure to share. Johnny Lynch Sarah Naughton Emma Quinlan Cian O'Toole Robert Riley Dargan Robert Mooney Daniel White Donal Corbett Alex O. Conor Flynn James Abraham, ACA Niall Durkin Alan Reynolds Eoin Delahunty Sebastian Hamilton Maxwell Sheridan Tammy Kieffer Elaine Stenson Ian Gunnery Matthew Ward Luke Bates Nik Storonsky Kieran Redmond Neil F. Dunne Alvise Panfilo JJ O'Sullivan Liam Vaughan Ankur Baliyan Ryan Kavanagh https://lnkd.in/exvSKbEy

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Financial services firms of all sizes, and across all parts of the industry, are embracing technology in order to deliver innovative new products to the market and meet the needs of Irish consumers.   This week on That Great Business Show with Conall Ó Móráin, our director Patricia Callan joined FSI chair Joe Heneghan, Revolut and Derek Foley Butler, FCA FSI member firm GRID Finance for a wide-ranging discussion on the changing face of financial services, with every firm in the industry now harnessing the power of fintech.   Also discussed were the key next steps needed to continue to grow the financial services industry in Ireland, through initiatives like a national fintech hub (to which all financial services firms would have access), increased funding for upskilling and training, and the need to ensure an attractive operating environment.

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As your trusted payment partner, we understand how crucial cash flow is for your retail business. That’s why at AIB Merchant Services, we aim to settle funds within 24 hours for AIB customers, ensuring you get paid quickly and securely.⁣ ⁣ Here’s how to make sure you receive a seamless settlement experience:⁣ ⁣ - Processing Windows: AIB Merchant Services has two processing windows each business day, Midnight and 2 a.m. Your terminal type determines which window applies to you.⁣ - Settlement Times: Payments are settled into your bank account from Monday to Friday (excluding bank holidays), depending on the jurisdiction of your receiving bank.⁣ - Net Settlements: Payments are net of any suspended or rejected transactions, which may need to be resubmitted based on card scheme rules.⁣ ⁣ If you have questions about your settlements our Merchant Support Centre is here to help. Contact us for any enquiries⁣ www.aibms.com. *We aim to complete settlements for AIB customers within 24 hours,. Settlement time varies for other Banks and Institutions. #powerebyaibms #backedbyaib⁣ First Merchant Processing (Ireland) DAC, trading as AIB Merchant Services, is regulated by the Central Bank of Ireland.

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🎉 Weavr has secured an e-money licence 🎉 We're delighted to announce that we've secured an EMI licence from the Maltese Financial Services Authority. The licence underscores our dedication to delivering a secure and robust embedded finance solution for B2B SaaS businesses across Europe. With the licence, we are set to develop the most comprehensive domiciled IBAN offering in Europe, supporting major European currencies and economies beyond the Eurozone. To these regions, we will be able to bring a range of financial products that span cards, account and fund transfer networks globally. Our CEO and co-founder, Alex Mifsud, shared: "In this new era when regulators across Europe are increasingly addressing the risks associated with Banking as a Service, we are honoured to be among the first organisations awarded a financial licence specifically to operate a safer model for embedded finance." Read more on our newsroom at: https://lnkd.in/guhMzCy4 #emi #b2bsaas #innovation

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