FinTech Ireland

FinTech industry in Ireland consists of dozens of highly regarded and innovative companies. They can be divided into following categories: Transactions and Payments, Asset Management, Currency Trading, Mobile Banking, Crowdfunding and Peer-To-Peer Lending, Financial Advisory, Security And Privacy, Risk And Compliance, Trading. The list of FinTech firms based in Ireland, together with a short description, can be found below.

CR2 offers ATM and card services, Internet banking and mobile banking. Their main service is known as BankWorld.

One of the leaders of the online payments industry and fintech Ireland as a whole is Realex. Acquired in early 2015 by Global Payments, Realex Payments has processed over 28bn Euro for thousands of companies.

Offering online technical support solutions is Nomos Software. With their main product – RuleX – Nomos Software is well established in the fintech industry in Ireland.

3V offers a number of products and services allowing making payments online. 3V created prepaid credit and debit cards, and also prepaid Visa vouchers. With an app Moneybutton, users can make payments and transfers using their smartphones.

WorldNet TPS supplies payment providers with payment infrastructure and payment solutions. The WorldNet TPS’s software allows full outsourcing of payment processes. Small businesses can benefit from using company’s new offering – Payjack. Payjack allows accepting credit card payments from clients via a smartphone.

One of the best known global providers of consumer, business and internationally traded services is FEXCO. Established in 1981, FEXCO has operations in 28 countries worldwide. This fintech Ireland company is based in Killorglin in Co. Kerry.

Bitnet Technologies allows businesses across the world to accept payments in digital currencies such as bitcoin. The company charges a very small fee, gives a guarantee of a payment being completed and allows prevention of fraudulent transactions.

Sentenial offers solutions that help companies to comply with Single Euro Payment Area regulations. Main Sentenial’s products include: ORIGIX IP, ORIGIX Corporate and ORIGIX Corporate Lite.

Propertygate specializes in software for property management industry. Propertygate’s product not only helps with managing real estate portfolios but also delivers custom reports regarding client accounts, rent arrears, lease renewal to name a few.

MoneyMate provides data management solutions to the asset management companies. MoneyMate’s main clients include fund administrators and global asset managers. Major services consist of Silverfinch and Fund ProductMaster.

Another example of a FinTech Ireland company is FTI Treasury. FTI Treasury’s main service is treasury management. The firm specializes also in providing treasury consultancy and treasury training. The company is based in Dublin, in its financial service district – IFSC.

Certus focuses on providing outsourcing services to banks. Arrears management, loan servicing and corporate debt recovery are the main services offered by Certus. The regional offices are in Cork, Limerick, Belfast with the head office based in Dublin City Centre.

Trustev is a creator of software that helps with fraud prevention. Machine learning is used to analyze the behavior of website visitors. An analysis of that stops nearly all the fraudulent activities. Trustev’s software reduces fraud to nearly zero, lowers antifraud costs and might even increase the revenue of the company using the Trustev’s tools.

VigiTrust specializes in eLearning programs, online compliance portals and advisory services. ELearning portfolio offers courses from ‘Understanding Data Breach’, ‘Security of Social Networks’,  ‘Credit Card Security’ to ‘Log Management & Security’ and ‘Wireless Security’, among others. Proprietary tool for compliance needs is called ‘VigiTrust’s Merchant Compliance Portal (MCP). It only requires an internet browser and is available on demand. The firm was founded by Mathieu Gorge in 2003. It is headquartered in Dublin, with regional offices in Paris, London and New York.

It has never been easy to validate someone’s identity online. Previously, personal data and passwords had to be transferred to a server in order to identify a user. Software created by Sedicii makes the whole process easier and safer. Based in County Waterford, this representative of fintech Ireland uses Zero Knowledge Proof protocol to allow a user to prove his/her credentials without transmitting the credential itself. The identification doesn’t require any transfers of data, passwords or credit card numbers over the internet. This gives customers a full control over their identity online.

Brite:Bill is a creator of software that improves communication with customers in relation to their bills. The company, founded by Alan Coleman in 2010, helps resolve various issues a client might have with the Service Provider by issuing personalized messages. The software reduces the number of phone calls to the call centre, boosts clients’ loyalty and enhances the overall experience.

Acquirer Systems is a creator of software that allows testing and validation of payment systems. By using the software, a client can lower staff costs, speed up the testing process and improve the product/service itself. The main products of Acquirer Systems are ASTREX and PIVOT. The company also offers consultancy services and payment cards testing.

A good example of  a successful fintech Ireland company is CurrencyFair. It offers affordable and fast money transfers. The international transfers are secure, they command a very low commission and by that they allow the clients to save substantial amounts of money. The peer-to-peer marketplace targets expats, businessmen and international students, among others. CurrencyFair is headquartered in Dublin, Ireland and has regional offices in Australia and in the UK.

LinkedFinance is an online marketplace for companies looking for funding and people that have funding available. This peer-to-peer lending Dublin-based fintech startup connects businesses needing cash and individuals willing to offer a loan. The loans vary from 5000 Euro to 100,000 Euro. Once all the documentation has been provided and the loan request is live on the website, it takes 14 days for the auction to end.

Authors of creative projects in Ireland can get some help with funding their ventures by using a crowdfunding website Fundit. The project manager can set the total amount required and the rewards available to those pledging the money. The areas that so far benefited from it are: craft, fashion, music and science, among others. Since 2011 Fundit helped with raising over 2 million Euro and the success rate has never been below 73%.