Latest news with #TransferMate
Irish Examiner
4 days ago
- Business
- Irish Examiner
Irish companies are making waves in the global fintech space
Ireland is cementing its status as a strategic hub for global financial technology innovation, with home-grown companies such as Stripe, Fenergo and TransferMate leading the way. As financial services evolve at lightning speed, the Republic has quietly become one of the world's most influential fintech hubs. From payment infrastructure to compliance automation, Irish-founded companies are building the financial tools that power global commerce. Financial technology – or fintech – is the use of innovative technology to transform financial services, from payments and lending to compliance and wealth management. 'It helps blend financial expertise with digital agility to deliver faster, more accessible, and more customer-centric services,' says Fidelma Clarke, partner and payments sector lead for EY Financial Services Ireland The State's fintech ecosystem is thriving for three main reasons, says Clarke: it has a globally connected financial sector, a tech-literate workforce and a progressive regulatory environment. 'It's home to more than 250 indigenous fintech companies and is the European base for big global players such as Stripe, Square, MasterCard and PayPal. Fidelma Clarke Partner and Payments Sector Lead for EY Financial Services Ireland. 'In addition, Ireland's Common Law framework and EU market access make it a strategic choice for firms scaling across Europe. The Central Bank of Ireland has also increased its fintech-specific supervisory engagement, most recently through the Innovation Hub initiative.' Clarke says several Irish fintechs have emerged as global players, including Stripe, cofounded by Patrick and John Collison. It is now valued at $65 billion and operates in more than 40 countries, offering payments infrastructure for businesses of all sizes. Fenergo, meanwhile, is a Dublin-based regtech firm that counts BNP Paribas, Santander and ANZ among its clients and supports more than 80 global financial institutions; TransferMate, headquartered in Kilkenny, facilitates cross-border payments in more than 160 countries and partners with firms such as SAP Concur, Wells Fargo, and Allianz; and Global Shares, a Cork-based equity management platform, was acquired by JP Morgan in 2022, signalling strong global demand for its solutions. 'Alongside Ireland-born fintechs, global players like Revolut have also chosen Ireland as a strategic base, reinforcing the country's status as a gateway to the EU fintech market.' The success of these firms stems from their having identified critical industry pain points – from fragmented compliance processes to inefficient cross-border transfers – and built scalable, enterprise-grade technology to solve them, says Clarke. 'For example, Fenergo co-created its platform with a consortium of banks to ensure immediate fit-for-purpose adoption. TransferMate built a proprietary global payments network, bypassing traditional banking rails. Stripe became the 'developer-first' solution for online commerce – now used by Amazon, Shopify, and Salesforce. 'Their success stems from building trusted infrastructure in developing customer-facing products.' The Republic's fintech sector isn't just driven by individual successes; its strength lies in its ecosystem, says Clarke. 'Cross-sector collaboration has been key: initiatives such as the Grand Canal Innovation District, the Fintech Corridor (linking Dublin and Belfast) and Dogpatch Labs' NDRC accelerator have helped create a thriving pipeline of early-stage innovation,' she says. 'Policy alignment is also encouraging, as both ECB president [Christine] Lagarde and European Commission president [Ursula] von der Leyen have called for a targeted, risk-based simplification of EU regulation to support innovation. This presents a leadership opportunity for Ireland to champion innovation while preserving trust and market integrity.' This opportunity has been recognised by Irish governments, with digital finance included as a key theme in the first Finance Strategy Action Plan in 2018, in 2023 and in the most recent Action Plan for 2024, which contained a commitment to assessing the merits and feasibility of establishing a National Fintech Hub, Clarke adds. We are seeing Ireland's fintech leaders moving up the value chain and making an increasing impact on the shape of the financial services sector, she says. 'Crucially, these firms are not just solving for today, they're anticipating the next evolution of financial infrastructure, from tokenisation to cross-border regulatory convergence. 'Stripe is investing in embedded lending, identity services and AI-powered fraud prevention. TransferMate is expanding into treasury services and integrating with ERP platforms like Oracle NetSuite. Fenergo is applying AI to automate anti-money laundering and client onboarding workflows.'
Irish Post
04-06-2025
- Business
- Irish Post
Two Irish fintech companies announce major new international partnerships
TWO Irish fintech (financial technology) companies have announced major new international partnerships at a global industry conference, highlighting Ireland's growing influence in the worldwide fintech landscape. The announcements were made on the opening day of Money20/20 Europe in Amsterdam on Tuesday as Ireland continues its rapid expansion in the fintech sector. Enterprise Ireland, Europe's third most active fintech investor, heralded the announcements as an example of Ireland's strong position within the industry. "These announcements today demonstrate the continued momentum of Ireland's fintech sector, which has defied the market backdrop and performed extremely well, increasingly attracting international attention and investment," said Anna-Marie Turley, Head of Enterprise Ireland's fintech and financial services portfolio. Partnerships TransferMate, the world's leading provider of embedded B2B payments infrastructure as a service (IaaS), announced a strategic long-term partnership with Deutsche Bank. It will see the Irish company work with Deutsche Bank in various countries, enabling TransferMate to provide in-country collections, cross-border payments and the ability to store funds locally. "We look forward to this journey together, which will drive TransferMate's growth and improve their operational efficiencies through our tailored solutions," said Ole Matthiessen of Deutsche Bank. Splink, a provider of custom digital payment solutions, announced an exclusive commercial Irish partnership with Global Payments to commercialise their Stadia and Events Technology in Ireland. The technology is currently in use at major British venues including Chelsea's Stamford Bridge and Newcastle's St James' Park. "We've had some recent successes together with key merchant wins in Ireland and the UK and we've excited to see the partnership grow," said Tom Woods of Global Payments. The deal will also see Splink become one of a select group of partners launching Global Payments' new SoftPOS technology, GPTom, which enables any smartphone to accept tap-to-pay transactions with no external hardware. 'Remarkable evolution' Over 20 Irish fintech companies are participating at Money20/20 Europe this year and will be showcased at the Irish Pavilion. "The strong presence of Irish fintech at Money20/20 Europe reflects the sector's remarkable evolution, becoming global leaders in their own right, securing major partnerships with global payment giants and financial institutions and launching cutting-edge AI solutions that are transforming customer experiences," said Ms Turley. Among the Irish delegation is Prommt, which announced a major milestone in Open Banking adoption on Tuesday. The firm revealed that one of Britain's top pre-owned prestige car supermarkets collected over £60m via Prommt's Pay by Bank technology within 60 days of going live. "With over 400 industry leading merchants now live with Pay by Bank and hundreds of millions in payment volume already processed this year, Prommt is leading the next generation of payment innovation," said CEO Donal McGuinness. Meanwhile, Engage Hub, which automates companies' communication services, announced the launch of its AI Knowledge Base, allowing users to find accurate answers instantly without agent support. "This reduces pressure on contact centres, cuts operational costs, and boosts overall efficiency," said Karen Waters, Product and Marketing Director at Engage Hub.
Yahoo
25-03-2025
- Business
- Yahoo
TransferMate joins RTGS.global network
TransferMate, a B2B payment infrastructure-as-a-service (IaaS) provider, has collaborated with cross-border payments company to join their global real-time settlement network. The alliance aims to streamline cross-border transactions for businesses by utilising instant settlement capabilities. This integration will enable TransferMate to offer its business customers to make international payments in real-time to reduce the need for traditional banking intermediaries. solution addresses common issues in cross-border payments such as liquidity management, facilitating risk-free transactions across various currencies and regions. By joining network, TransferMate will enhance the network's presence in over 200 countries and territories. network operates on a Payment vs Payment (PvP) basis, which eliminates transaction fees at the point of transfer and removes the necessity for pre-funding bank accounts. Furthermore, the peer-to-peer transaction model employed by network eradicates intermediaries from the payment process. executive chairman and CEO Marcus Treacher said: 'Welcoming TransferMate to the network is a big moment for us and the industry. 'Working with TransferMate to make B2B payments quicker, more transparent, and more cost-effective for everyone closely aligns with our mission to modernise the global financial system and enhance the efficiency of cross-border transactions.' TransferMate CEO Sinead Fitzmaurice stated: ' and TransferMate are two organisations on the same mission: to transform how money moves across borders. Our worldwide payment coverage, built on the foundation of over 100 licences, means clients of can now pay into more countries and territories than they've ever been able to before – all in a fully regulated, secure network. This partnership can redefine cross-border payments, setting new benchmarks for speed, transparency, and security.' 'Through our collaboration with TransferMate, an innovative and progressive firm who we are proud to collaborate with, we are excited to demonstrate how our two solutions can combine to address head-on the historic challenges associated with cross-border payments and liquidity management.' This month, TransferMate collaborated with Boost Payment Solutions to integrate its payment infrastructure with the latter's payment solution, Boost 100XB. "TransferMate joins network " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
