By Eva Murphy Ryan, Market Executive at Enterprise Ireland
Attracting major international companies and speakers, FinTech South presents an opportunity to engage with over 470 FinTech companies, generating $72B in revenues, and processing over 118 billion transactions annually. The Irish presence at Fintech South will be significant with five Irish companies operating in the payments, regtech, insurtech and biometric authentication in attendance.
Fintech in Atlanta
The Fintech sector in Atlanta is thriving and it is no coincidence that six Irish fintech companies have chosen the city as their home. The state of Georgia itself hosts some 120 fintech companies and six of the ten largest US payment processing firms. An impressive 70% of all credit card swipes, debit card payments and gift card purchases in the U.S. go through Georgia-based companies, earning it the state nickname ‘Transaction Alley’.
In March, Enterprise Ireland hosted the inaugural Coast to Coast Fintech Tour, the first half of which involved bringing six Irish companies to Atlanta to meet with the major players in the payments industry. A recent study by Fintech Ireland showcased payments as the most dominant sector within Ireland’s fintech ecosystem with 25% of all Irish fintech’s operating in this space.
Paytech: Reinventing transactions
As Paytech: Reinventing Transactions, a new eBook commissioned by Enterprise Ireland demonstrated, traditional enterprises are being increasingly disrupted, as technology-enabled businesses carve out a completely different payments ecosystem, while other companies consolidate.
Apple recently announced the launch of the Apple Card in partnership with Goldman Sachs. While Fiserv announced it was acquiring First Data, followed by a similar announcement from WorldPay and FIS.
The payments eco-system may be changing drastically but Irish companies are at the forefront of this change. Year on year Irish companies have developed strengths in card payments, cross-border payments, account-to-account payments, secure payment authentication, blockchain, and open banking.
Enterprise Ireland at Fintech South
This year Enterprise Ireland is an affinity sponsor of Fintech South with Irish companies Daon & Corlytics exhibiting and other Irish companies Worldnet, TransferMate and Fineos in attendance.
Daon is an innovator in developing and deploying biometric authentication and identity assurance solutions worldwide. Their IdentityX® Platform removes friction from the authentication process while providing the highest level of security with inherent multi-factor authentication. Integrate IdentityX once and it becomes your shopping cart for new technologies when they become available. Deploy IdentityX for a higher level of security with an improved customer experience.
FINEOS is a global software company providing modern customer-centric core software to the life, accident and health industry. FINEOS help their customers move on from outdated legacy administration systems to our modern customer-centric core product-suite; FINEOS AdminSuit. FINEOS AdminSuite is designed to manage the modern complex structures and relationships of group and individual insurance processing to optimize plan, coverage and data management, operational processing, and business intelligence
TransferMate is the market-leading choice for international banks and businesses that send and receive foreign currency payments. With one of the world’s most extensive network of bank accounts and trading in over 145 countries, allows them to secure better exchange rates, eradicate bank fees and provide clients with faster payment services. TransferMate is in a strong global market position for payroll, banking and B2B services alike.
Worldnet’s focus is on developing omnichannel, cost-effective payment solutions for our customers. Services include Chip and PIN/EMV for face-to-face payments, Virtual Terminal for over-the-phone payments and eCommerce for payments through a website. In addition to the omnichannel solutions, they also have a range of value-added features including recurring payments, DCC, tokenization and multi-currency processing.
Corlytics is the world leader in regulatory risk intelligence. Corlytics uniquely analyses enforcement data and other important regulatory information to help all stakeholders achieve better regulatory planning and execution, with evidence-based intelligence. Corlytics do this by providing a unique multidisciplinary team of legal analysts, risk professionals, and data scientists. Corlytics operates as a trusted strategic partner to banks and financial institutions globally.