Sara Savidge

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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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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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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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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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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The ambition of #SICInstantPayments Is crystal clear: empower #financialinstitutions to process #instantpayments 24/7, enhancing efficiency and minimizing #settlementrisk. Yet, the journey to adoption isn't as straightforward for many #banks. This blog by Bottomline unpacks these challenges and addresses key concerns for Phase 2 of SIC IP implementation by 2026. Thanks to BCV - Banque Cantonale Vaudoise , SIX , t'charta for the insights. Make sure you watch the webinar recording too - SIC Instant Payments – Lessons Learned for Phase 2 Implementation - #SICIP #InstantPayments #Realtimepayments #ISO20022 #PaymentsVerification #Switzerland #Payments

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Community banks can’t afford to play it safe. ICBA Payments’ Chairman Ruth Christopher breaks down how evolving payments is the key to staying ahead. Catch her insights on what’s next for banks: https://lnkd.in/d24S_rW8 #CommunityBanking #Payments #BankingInnovation

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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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Learn how Banque Internationale à Luxembourg (BIL) decided to completely revisit its IT landscape to enable the bank to manage higher transaction volumes, keep up with changing regulations, and drive future growth. Hear from Temenos Business Line Director – Payments Mick Fennell and BIL Head of Transformation Serge Munten on their #digitaltransformation project and the obstacles the bank faced when modernizing #corebanking and #payments capabilities here: https://lnkd.in/gpZYkBZ8 #TCF2024

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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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Paythru releases guiding principles EV payment specialist Paythru has published a proposed set of guiding principles aimed at greater collaboration among the payments sector, public charge point operators, and charge point management systems. The move has been undertaken by the firm to address current problems with the charging payment process. Shaped by its own research, and conversations with the industry around what drivers want. It is also backed by the Association for Renewable Energy and Clean Technology (REA), as part of its ongoing mission to accelerate the UK’s transition to a cleaner, more sustainable energy future. Paythru proposes the following set of guiding principles for all EV charge points, with the methods addressed in the charter: - No more confusion over charging costs - Standardised and reliable payment methods - Minimise payment failures - Clarity and transparency in pre-authorisation - Simplified transaction and notification processes Read the full story on the Transport + Energy website: https://lnkd.in/er6zB4QF Paythru , Keith Brown , REA , Matthew Adams , Sara Sloman #transport #energy #electricvehicles #charging #payments

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Cross-border payments: Unveiling the real value of industry initiatives At #EBAday 2024, Simon McConnell, Board Member, Euro Banking Association (EBA), and Annick Moes, Assistant Director, Euro Banking Association (EBA), provide a sneak peek into an EBA survey on #crossborderpayments. While there is a clear roadmap for enhancing these payments, the multitude of industry initiatives makes it difficult for payment service providers to determine how to best get there. This mesmerising conundrum can only be resolved by cutting through the marketing speak, taking stock of the different initiatives and unveiling their value for solving the identified challenges. https://lnkd.in/eM7-4C-e #fintech #FinextraTV #finance #economy #money #future #trends #banking #financialinstitutions #digitaltransformation #EBA

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Payment Expert’s ID Check: Payments Professionals offers insight from industry leaders and experts on how they got their start in the financial industry, from their early years in education, to how they have been able to climb the corporate ladder. This week, BlueSnap European CEO Brian Gaynor discussed with Payment Expert the valuable early years of working a part-time job and a studying for a degree, his important stint at J.P. Morgan and why the lead at a controversial airline has him striving for improvement. https://lnkd.in/eFV-GQRR

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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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At the recent Payments Leaders' Summit, Kevin Smith, Payments Risk Director at Payments Consulting Network, led a thought-provoking panel discussion featuring industry experts on the contentious topic of APP fraud. Among the distinguished panelists were Claire Simpson, Virraj Jatania, Peter May, and Chris Ainsley. The discussion delved into various types of APP fraud scams, their classification, and the economic and social challenges associated with them. Noteworthy was the exploration of collaboration between financial service providers and external parties, emphasising the need for collective action to combat fraud effectively. To delve deeper into the insights from this illuminating discussion, read the full article here. https://lnkd.in/gx4gKCV8 #PaymentsLeadersSummit #APPFraudPrevention

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Last week, we were featured in both Retail Banker International and Electronic Payments International. 📣 In the featured article Andy Davies, Client Relationship Manager, addresses the critical issue of outdated customer information held by financial institutions. With the FCA's new Consumer Duty principle taking effect, it's crucial for institutions to tackle this "data pandemic" to avoid regulatory consequences and ensure good value for customers. Learn more about the steps needed to clean up and maintain accurate data records. Read the full article here > https://lnkd.in/eiTQrkuh #CleanData #DataQuality #FinancialInstitutions #FCA

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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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🔍 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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