Peter O'Halloran

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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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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It's fantastic to see a detailed National Payments Strategy published in Ireland 🇮🇪 this week. Especially to see a focus on the importance of user experience in open banking payments: "One area of development is the user experience of open banking. In principle, the use of an open banking app to make a payment should be at least as seamless an experience for the consumer as paying via more traditional methods of payment such as credit transfers or card payments." #payments #Ireland #A2A #openbanking https://lnkd.in/egXuXNQn

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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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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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Hear how CBI has leveraged Payment Pre-validation to take local confirmation of payee global and give customers confidence that their payments will complete the first time they’re sent. Liliana Fratini Passi, Managing Director at CBI S.c.p.a. Società Benefit, explains. Hear what other users think of Payment Pre-validation: 👉 https://okt.to/pQMbU7 #testimonials #payments #prevalidation #swift

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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 Expands Payment Choice for Amazon.it Customers Filippo Maria Signoretti, Merchant Solutions Director of Nexi Italy, comments: “The agreement with Amazon.it demonstrates, once again, how Nexi’s international scale and strong local presence make it the ideal choice for global players who need partners with solid positioning in local markets. “Our best-in-class technology and our specialist skills allow us to collaborate successfully with the most important international players in all the European countries in which we operate, providing them with the best services and the best digital payment solutions they need for growth.” https://lnkd.in/eg4tthXN #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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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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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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🎉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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THE NEW UK PAYMENTS VISION Here is a brief summary, especially thinking about APP scams and Open Banking: VISION GOAL: A trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods. The National Payments Vision also outlines THREE KEY PILLARS designed to guide future activity – innovation, competition and security. The (payment) regulatory framework must be clear, predictable and proportionate. The Prime Minister has been clear that regulation should support growth and unlock investment The UK government is establishing the Payments Vision Delivery Committee. The government has outlined its priorities for UK payments through a joint remit letter to the FCA and PSR. The key priorities highlighted in the payments remit letter are: 1) Enhancing coordination 2) Supporting the development of Open Banking and 3) Ensuring high standards of consumer protection 4) Driving an agile and flexible approach to delivering the UK’s retail payments infrastructure needs. The Bank of England, PRA, FCA and PSR will revise their existing MoU on cooperation in relation to the regulation of payment systems by Q2 2025. The Vision clarifies regulatory responsibilities for Open Banking, transitioning away from current arrangements to the FCA acting as the UK’s regulator in the future. PSR has committed to an independent post implementation review of the authorised push payment fraud reimbursement rules, after 12 months. The government considers that the effective delivery of the UK’s retail payments infrastructure now and through time requires a strong and effective payment systems operator. Establishing a sustainable ‘commercial model’ for Open Banking is critical for its development. Adequate consumer protection must be delivered for Open Banking payments, and the government intends to address this through the future framework. Fraud Prevention 1. The government agrees that more focus must be placed on fraud prevention. 2. The Online Safety Act 2023 imposes obligations on large technology platforms to prevent fraudulent content on their services or face substantial fines if they fail to do so. 3. There is also ongoing work from Ofcom with operators to prevent the misuse of telephone numbers by criminals, stem the tide of scam messages and address mobile spoofing. 4. The government is determined that the technology and telecommunications sectors must take further steps to tackle fraud. 5. The government has written to the technology and telecommunications sectors to call for demonstrable action to reduce the scale of incidents and losses from fraud taking place on their platforms and networks. The government will request updates on progress and action taken at the next Joint Fraud Taskforce in March 2025. https://lnkd.in/gDpbbbzZ

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EXCLUSIVE: "The Language of Partnership" - Martin Pitcock, Nexi Group and Charlotte Paauwe, Ratepay in 'The Fintech Magazine' "The German-speaking DACH region is a key focus for the Nexi Group. But it can’t realise its ambitions alone, as Nexi’s Martin Pitcock and Ratepay’s Charlotte Paauwe explain Having become one of, if not the largest European digital payments operator, Italy’s Nexi Group is advancing at pace towards a very specific target: the DACH region. “History shows that these countries have held cash transactions for much longer and in larger quantities than the adjacent countries. They did not follow the norm when it comes to payment,” says Nexi partner marketing lead for e-commerce in DACH, Jennie Johansson Carnhamre, “And although this development has not prevented the introduction of digital payment methods, it has inhibited speed. So although all payment methods have now arrived and spread in these three countries, payment habits today still differ from other European countries.” https://lnkd.in/eJNs-Rzm #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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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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Instant Payments and the Opportunity for New Technology Strategies Daragh Kirby, Head of Sales & Marketing, Intercope, speaks at #EBAday2024, about how #instantpayments allow #banks to no longer use cumbersome #corebankingsystems to process #transactions – whether it be #SEPA, #crossborder or #RTGSpayments. We explore how #financialinstitutions are now looking to more suited #technologies so instant #payments can be made in a leaner way and with lower #latency, to support meeting #regulation timelines and reap the rewards that are available with #fastertransactions. https://lnkd.in/ezcrtQ-e #fintech #FinextraTV #finance #economy #money #innovation #future #trends #banking #financialinstitutions #intercope #SEPA #crossborderpayments #RTGS #regulationtimelines #fastertransactions #transactionprocesses #latencyreduction #compliance

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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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