Future of Fintech IE - Q4 2023

Future of Fintech Q4 2023 | A promotional supplement distributed on behalf of Mediaplanet, which takes sole responsibility for its content

www.businessnews.ie

“How traditional banks and fintechs can improve customer experience.”

“In the near future, we will see widespread deployment of GenAI.”

Michael Concannon, Head of Strategy & Development, FPAI Page 04

Dr Nicola Stokes, Chief Technologist for International Financial Services, IDA Ireland Page 06

Clever Businesses Choose Clover Seamless transactions for your business - the smart choice this season.

To power your business, scan here

First Merchant Processing (Ireland) DAC, trading as AIB Merchant Services, is regulated by the Central Bank of Ireland.

AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET WHO TAKE SOLE RESPONSIBILITY FOR ITS CONTENT

How EU legislative changes can affect payment services in Ireland

Supporting growth in dynamic Irish fintech sector

In Ireland, there is increasing customer demand for digital payment options and instant payments. Upcoming legislative changes should continue to facilitate the innovation and adoption of new payment offerings.

U

pcoming legislative changes include the revised Payment Services Directive and Payment Services Regulation (together PSD3) and the rollout of mandatory instant payment offerings.

Implications of PSD3 for Irish payments The PSD3 proposal will continue the general move towards regulation being set at a European level. This should minimise some of the current regulatory divergence between Member States in the implementation of the existing payment services regime.

For certain exemptions, this may mean a narrower interpretation from an Irish perspective. For example, the commercial agent exemption will again be narrowed to require a real margin to negotiate. This will likely require certain market operators to revisit their existing arrangements and either become authorised or engage a third-party partner.

Impact on non-bank payments and e-money PSD3 will also continue to improve access to payment systems for non-bank payment services providers (PSPs) to ensure a level playing field and present greater opportunities for non-bank providers. Provision will also be made for the safeguarding of users’ funds with central banks. This will provide an alternative to banks, which have seen increased de-risking of regulated clients.

Additionally, e-money will be consolidated within the payment services framework.

These measures will be welcomed by industry and should provide greater clarity and opportunity for innovation. Of slight concern will be the re-authorisation of existing non-bank PSPs, which is likely to be a substantive task. However, it should not cause any disruption to services in practice.

Enhancing payments access Another significant development is the SEPA Instant Payments Regulation.

Although instant payment offerings have recently grown, access across Member States remains uneven. About 62% of European PSPs are currently part of the SEPA Instant Credit Transfer Scheme, but coverage in Ireland remains limited.

The Instant Payments Regulation will require all PSPs currently offering SEPA transfers to offer instant payments, without additional cost. This will be a welcome development for both businesses and consumers, doing away with significant settlement delays for SEPA credit transfers.

Patrick Brandt Partner, Head of Financial Regulation Advisory

02

MEDIAPLANET

E Karen Cohalan Department Manager, Fintech, Financial & Business Services, Enterprise Ireland

Bernie Neville Senior Development Advisor, Fintech, Financial & Business Services, Enterprise Ireland

nterprise Ireland supports approximately 200 indigenous Irish fintech and financial services companies, which are part of this thriving sector employing over 10,000 people in Ireland. Our supports range from providing equity for early-stage innovation and grants to scale operations in Ireland to driving internationalisation across our 40 offices worldwide.

to design programmes producing the world-class talent required to fuel the continued growth and success of the industry.

Navigating market conditions and regulations Irish fintech companies’ ability to respond at pace to changing market conditions and the rising tide of new financial regulations has been among their key strengths. David Doyle, an EU financial services regulatory expert, notes the game-changing, digital Ireland fintech accelerates innovation legislation to impact the sector Despite the more challenging global from 2025. economic environment, we are seeing This EU regulatory an acceleration in the pace of Irish Central Bank of Ireland’s framework offers opportunities fintech startups and recent announcement innovation. The regarding an Innovation for fintechs that can benefit from industry’s success Sandbox Programme harmonised rules is grounded in will provide fi ntech and access to innovation and a rich larger markets skills base. and financial services but also poses Ireland boasts a companies access challenges given unique advantage to regulatory advice high compliance in hosting many of and support. complexity and cost. the world’s leading financial services Supporting the growth of fintech institutions as well as most of the The Central Bank of Ireland’s world’s top tech companies. This has recent announcement regarding an created a pool of talent with deep Innovation Sandbox Programme will domain expertise across the financial provide fintech and financial services and technology sectors, which in turn companies access to regulatory advice has provided fertile ground for the and support. It is a very welcome growth of the native fintech sector. development that should help innovative Irish fintech companies Academic-industry collaboration navigate and capitalise on the evolving enhances skills regulatory landscape.

The skills base is bolstered by In early January 2024, Enterprise the strong collaboration between Ireland will publish a report that academia and industry, which documents the growth and success of has helped develop a number of the Irish fintech sector. specialised qualifications tailored to the specific needs of the sector. Thirdlevel institutions and research centres collaborate with fintech companies

Louise Hogan Associate, Financial Regulation

Find out more at algoodbody.com/services/fintech

Paid for by A&L Goodbody

In the last decade, the vibrant domestic fintech sector has evolved, providing cutting-edge digital solutions globally. These offerings span key areas including payments, regulatory compliance, insurance, asset management, financial software and services.

@BusinessnewsIE

@MediaplanetUK

Please recycle

Senior Project Manager: Cian Raftery cian.raftery@mediaplanet.com Business Development Manager: Lucy Harris Managing Director: Alex Williams Head of Ireland: Ross Bannatyne | Head of Print & Design: Thomas Kent Designer: Aimee Rayment Content Editor: Angelica Hackett O’Toole | Head of Digital Operations: Harvey O’Donnell Paid Media Manager: Jonni Asfaha Social & Web Editor: Henry Phillips Digital Assistant: Carolina Galbraith Duarte All images supplied by Gettyimages, unless otherwise specified | Contact information: uk.info@mediaplanet.com or +44 (0) 203 642 0737

READ MORE AT BUSINESSNEWS.IE

AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET WHO TAKE SOLE RESPONSIBILITY FOR ITS CONTENT

Burger business rides the waves of rapid growth with the right tools Paid for by Square

hospitality from servers who spent less time running back and forth to the kitchen or till. “There are two ways to look at Square: If you do need to cut costs, it works; if you want to improve your actual operation, it works as well,” says Moran.

Images provided

by Yeah! Burgr.

We’ve developed a lot of business over the last six months, and Square has been paramount to that.

I have to keep prices down for customers.

I can’t do that using third-party services, but I can do it using Square.

A burger business enlisted the help of a digital system that helped them better manage various operations, from payments to inventory data.

ATTRIBUTED TO Stephen Moran Co-owner, Yeah! Burgr.

W

hen Stephen, David and Gary Moran wanted to attract more weeknight customers to their 8,000-square-foot nightclub in Navan, County Meath, they added a burger restaurant to the space.

Keeping up with business growth The three brothers were floored by its success. “The demand was absolutely insane,” Stephen Moran recalls. The Navan location became the flagship of their fast-casual chain, Yeah!

Burgr., which uses high-quality, locally sourced ingredients for gourmet burgers, chicken wings and other menu items.

The second location opened in Maynooth a year later, followed by franchises in two other cities. During the pandemic, the business pivoted to meet the demand for more takeaway orders. It soon became clear that Yeah! Burgr. would have to evolve to keep up.

READ MORE AT BUSINESSNEWS.IE

Game-changing way to make data-driven decisions On the back end, Moran found new ways to use the data in his dashboard to improve tracking costs and margins. He calls the seamless integration between Square and BevSpot a game-changer for giving him full confidence in making decisions with reporting and inventory data.

“Square helps with the cost of labour reporting, and BevSpot helps control the cost of goods sold,” he says. Detailed reporting means managers can track data to hit certain targets, and inventory controls hold employees accountable. Thanks to more organised data, Moran says his accounting fees have decreased.

The staff love the Square Team Management app, where they can check schedules and their expected payroll.

Contactless ordering gives servers an extra pair of hands Moran realised QR-code ordering would be a great way to keep Yeah!

Burgr. growing. After reviewing options, he made the switch to Square. “The first thing we noticed was how easy to use and pretty the hardware was,” Moran remembers.

“Then, you start using it and really see the benefits.”

Customer wait times dropped as orders were sent digitally — directly from the table to the kitchen, and two servers could handle the entire floor. QR-code orders soon accounted for 70% of the daytime service, and labour costs dropped from 30% to 19%. Cost savings were one of the reasons Moran says he chose Square, but another was how easily the system adapted to fit the needs of each restaurant — and its dayparts.

For dinner service in Maynooth, for example, servers use the handheld POS to take orders tableside, rather than relying on QR-code orders. That means customers received warm

Keeping more margins with an online ordering site With the surge in online ordering during the pandemic, margins were taking a hit from third-party transaction fees. Adding Square Online and prompting customers to place their orders directly from Yeah!

Burgr.’s website saves money and time. “It’s completely integrated into our system,” Moran explains. “I don’t need additional staff to print it off and re-enter it.”

Moran is in the process of dropping all third-party deliveries. “If we can transfer even 50% of those sales directly to us, I’ll be saving money,” he points out. “I have to keep prices down for customers. I can’t do that using third-party services, but I can do it using Square.”

Yeah! Burgr. continues to expand, with a fifth location in the works.

“Square has made me rethink my model because of its capabilities,” he says. “We’ve developed a lot of business over the last six months, and Square has been paramount to that.”

Scan the QR code to learn more

MEDIAPLANET

03

AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET WHO TAKE SOLE RESPONSIBILITY FOR ITS CONTENT

Fintech in Ireland: recognising the opportunities and managing risks

How traditional banks and fintechs can improve customer experiences Perhaps the greatest transformation in financial services in the last five years is the digitisation of the economy and the rise of fintech. When customers evaluate financial institutions, they don’t compare banks, they compare experiences.

Peter Oakes Founder, Fintech Ireland

From a low base five years ago, Ireland has seen an explosion in the number of fintechs regulated by the Central Bank of Ireland in the areas of payments, open banking, crypto and crowdfunding.

F

intech is firmly part of our daily lives. Whether it be paying utility bills, sending money to family and friends, purchasing insurance, arranging a mortgage, keeping an eye on our pension, borrowing money for major purchases or splitting the costs of electrical goods across interest-free instalments, fintech has become an indispensable tool.

value of $305 billion. These innovative companies — including TransferMate, Fexco and Fire — are prime examples of dynamic Irish fintechs growing internationally. In the case of the first two fintechs, hailing from Kilkenny and Kerry, they are proof of what can be achieved from regional Ireland.

Approach to fintech innovation risks Fintech Ireland, which tracks and promotes the Irish fintech ecosystem, reports that there are 280+ indigenous Modern finance in Ireland and 130+ international fintechs Ireland’s economy is dominated by a operating in and from Ireland. To handful of big, local banks. They face understand more about risks posed stiff competition from a new breed by fintech — including of banks including risks to consumers — the bunq, N26, Raisin Ireland is wellBank and Revolut. New placed to continue Central Bank has issued a consultation on its competitors are often attracting approach to innovation established by founders innovative fi ntech covering payments, with technology open banking, backgrounds rather than to its shores. cryptocurrency, traditional finance. crowdfunding and other With this comes new types of fintech. Part of this is the Web3 thinking in terms of product and tech economy, which includes tokenisation, (such as open banking); delivering decentralised finance and blockchains. customer services (including chatbots); fraud detection (for example, phishing Supportive ecosystem for fintech and smishing scams); optimising Whatever is next for the future of investment choice; and predicting fintech will be dependent upon market trends based on data, our habits technological advances, consumer and aspirations while embedding wants and regulation. Ireland is wellmachine learning and artificial placed to continue attracting innovative intelligence into our financial decision fintech to its shores — owing to the ease process. of doing business here as well as access to our highly educated workforce and International growth in Irish fintech continuous support from IDA Ireland, At the same time, we should not Enterprise Ireland, the Department of overlook Ireland’s pioneering Finance and the Central Bank. companies that have driven the global growth of fintech to an estimated

04

MEDIAPLANET

Michael Concannon Head of Strategy and Development, Fintech and Payments Association of Ireland (FPAI)

A

major challenge for banks has been to service the new digital demands of customers — while transforming their core legacy systems and the processes built around them.

Modern banking and finance Big digital programmes — such as the migration of banks’ technology to Cloud infrastructure and implementation of Open Banking and API services — have changed how banks learn about and engage with new technologies.

Innovation comes from having the ability to understand and identify where a business could be doing a better job. Fintech companies were quick to realise the importance of user experiences, and they combined this with the ‘dot.com’ model of providing their services at a low cost — or even for free. As a result, they have recruited new customers at an exceptional rate.

Fintech advantages Today, banks can look to fintechs to provide a signal as to where disruption can happen. Being able to partner with fintechs is incredibly important, as there are things that fintechs will do better — because they have the advantage of expertise to solve a very specific problem. They also tend to use newer technologies and have a small group of people running them that is passionate and fast-moving.

Challenges for fintechs Collaboration and partnerships can also bring real benefits for fintechs. Many are discovering the huge cost and difficulty of building a customer base from scratch while maintaining regulatory compliance. Evidence has shown some firms having to refresh customers’ credentials as some may have been onboarded too rapidly.

Rich partnership opportunities Banks typically have the scale in terms of customer base and trust; regulatory understanding; and awareness in terms of how to operate in a compliant environment. Working with a bank can remove many of these challenges for a fintech while potentially bringing necessary funding.

Ruth McCarthy, Chair of the Fintech and Payments Association of Ireland (FPAI) says: “In a relatively short time, Irish fintech has grown from being a fringe activity into a core pillar of innovation in financial services. The importance of this sector to the incumbent banks is reflected in the scale of collaboration underway across all areas of financial services.

In the past five years, the retail banks have spent some €420 million in partnering and investing in over 100 Irish and international fintech companies.”

READ MORE AT BUSINESSNEWS.IE

AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET WHO TAKE SOLE RESPONSIBILITY FOR ITS CONTENT

Why diversity as disruption is the key to innovation in fintech As Ireland and the UK’s fintech industry forges ahead, women in the sector remain unheard. Their inclusion is not just a matter of equity but a catalyst for innovation and growth.

O

ver her 20 years in international banking and consulting, Tao Baker has grown increasingly frustrated by the barriers faced by women in financial services and fintech. These are, she says, a constant impediment to female participation and growth in the industry.

Opening every corner of financial services to women Yes, women can be well-represented in certain areas of the fintech sector, such as HR, admin and legal. However, in technology roles — particularly senior ones — there are glaring gaps. “Why aren’t there more female heads of innovation?” asks Baker incredulously.

“Or more female Chief Technology Officers? Or more female heads of cybersecurity? The point is: every role should be open to every woman in every part of the industry.”

Companies must actively promote diversity in their workforce It has no excuses for delay, however.

“Large payment firms, banks and insurance companies say: ‘We’re developing a three to five-year plan to address the challenges that women face,’” stresses Baker. “Why not sort out the problems today? Take the gender pay gap. That intrigues me because these organisations could fix that problem immediately.”

Daniel Henderson — Managing Partner at Athlon, a brand and digital product agency helping Baker shape Connect’s strategy — working with many FS and fintech scaleups, says he has too often witnessed a lack of women steering the industry and believes that diverse perspectives are essential for problem-solving and innovation.

“If UK financial services wants to remain a top industry, it will have to tap into a broader talent pool which, obviously, includes women,” he says.

“In fintech, a lot of innovation comes from understanding your users; but if you only have one segment of society designing your technology, you won’t be thinking about the needs of the masses. It’s why some bigger players are being bulldozed by smaller fintechs entering this space. The smaller firms are thinking differently and don’t have such narrow mindsets.”

Tao Baker Founder, Connect

Daniel Henderson Managing Partner, Athlon

WRITTEN BY Tony Greenway

Importance of training, coaching and mentorship opportunities Fintech organisations must stop being complacent and commit to making a difference. “I think it’s going to be passionate people like Tao who will make that happen by creating conversations that breed awareness,” says Henderson. “Then, it’ll be the responsibility of companies of all sizes to engage their teams in those conversations.”

Baker and Henderson also note that industry and government must up their game to create proper training, skills development, confidence coaching and mentorship opportunities for women. “Someone might have a great, innovative idea, but they’ll need capabilities and knowledge before they can access the tech funding to get it off the ground,” says Baker.

Every role should be open to every woman in every part of the industry.

READ MORE AT BUSINESSNEWS.IE

Baker — who has spent her career at the sharp end of innovation, digital transformation and leadership — believes that women need to come together to help drive the change they want to see, create opportunities and support each other up the corporate ladder.

It’s one of the reasons why she founded Connect — a platform where all women can network, learn, grow together and feel empowered, confident and valued. She hopes that by creating a conversation about the obstacles in women’s way, the industry will take note and become more equitable.

Encouraging young minds through education Ultimately, the roots of gender bias are found in education, so government and industry need to do more work in schools to inspire girls into STEM. “Today’s younger generation are tech-savvy and digitally minded,” says Baker. “However, they need encouragement. There’s a responsibility on big corporations and government to help them develop an entrepreneurial mindset and bring female-focussed talks on innovation to graduate programmes. That will create more opportunities for women, drive change and drive the economy. For me, that’s the future of fintech.”

Paid for by Connect

Find out more at weareconnect.org weareathlon.com

MEDIAPLANET

05

AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET WHO TAKE SOLE RESPONSIBILITY FOR ITS CONTENT

Show all employees your appreciation through digital gift cards In the dynamic landscape of modern work, more professionals are embracing hybrid roles, seamlessly transitioning between office spaces and the comfort of their homes.

T

erry Spence, Director of Sales One4all Rewards, states: “We recognise the evolving needs of businesses and have tailored our reward programmes to transcend the traditional office setting, ensuring that every colleague — no matter their location — is recognised and appreciated.”

When to reward your employees There are multiple occasions where businesses can celebrate and make an employee feel valued across the year. For example, employee milestones, meeting or surpassing targets, team motivation or general recognition as well as birthdays, maternity leave, paternity leave, long service and retirement.

Many companies are aware of the Benefit in Kind (BIK) tax exemption which is up to €1,000 per year. So, in addition to Christmas time, employers can show their appreciation at any time of the year with a gift card.

Businesses aren’t just rewarding their employees; they are also championing Irish retail.

Easy and customisable way to show appreciation In a world where timing is everything, Terry explains: “Our One4all Digital Gift Cards provide the flexibility needed to recognise and motivate your team, no matter where they are based. It is a contactless alternative to traditional gift cards. It can be customised (with a text message and video), purchased and sent online securely.

“These digital gift cards are accepted at numerous outlets nationwide, offering a wide range of options for recipients. They are convenient, secure and easily delivered via text or email, making them an excellent choice for rewarding and engaging staff.”

Safe, regulated and economical Security is paramount in the digital age, and we’ve got you covered. All funds on our physical and digital gift cards are held in a segregated account, and we’re regulated by the Central Bank of Ireland. Your employees’ money is protected. You can trust us to handle it with care.

With One4all Gift Cards, businesses aren’t just rewarding their employees; they are also championing Irish retail. Our closed-loop system ensures that funds circulate within Ireland, supporting local businesses and contributing to the resilience of the Irish economy.

To know more, reach out via corpsales@one4all.ie or visit one4allrewards.ie and find out how we can help you today.

Terry Spence Director of Sales, One4all Rewards

Paid for by One4all

06

MEDIAPLANET

Financial services adapting to the ‘mainstreaming’ of AI While R&D and digital transformation in the industry have been enabled by various emerging technologies, the focus has firmly been on artificial intelligence (AI) this year.

R

esearch and development (R&D) activity is thriving in Ireland’s International Financial Services (IFS) sector with many of the world’s most esteemed brands building out significant AI capabilities here.

organise our diaries, reply to emails and attend meetings on our behalf.

However, IDA Ireland’s IFS clients are also building bespoke in-house GenAI solutions trained on their own data. Promising areas of exploration include the transformation of client services through hyperpersonalisation of content, auto-generation of RFP responses, bespoke marketing and sales material and robo-assisted client onboarding.

Spread of AI in financial services In recent years, the democratisation of AI services — through a combination of cloud and open-source software — has shown promise in terms of increasing operational efficiency, improving customer engagement and developing IDA Ireland’s IFS new products and business models. clients are also However, the launch of OpenAI’s building bespoke ChatGPT demo at the end of last year marked a turning point for the in-house GenAI IFS sector in terms of widespread AI solutions trained on deployment.

Challenges of deploying AI Deploying AI and GenAI at scale does not come without its challenges, though. These include digital transformation as a prerequisite for AI deployment, impending AI regulation and the evolution of job roles prompted by strong productivity their own data. gains.

Productivity and economic gains We are, therefore, seeing companies ChatGPT uses generative AI (GenAI), doubling down not only on AI R&D, governance, risk an AI technique that can produce high-quality and compliance but also on learning and development content, such as text, audio, images, video and code. activities that will build a workforce that is AI literate Like other AI techniques, it promises to take the ‘robot and capable of synergising with machines. IDA Ireland out of the human,’ freeing up time for more highis working with clients to help drive these strategic value work. According to OpenAI, 92% of Fortune 500 conversations and tailor our range of support to their companies are now using its technology. bespoke transformation needs.

A recent study from MIT showed that GenAI increased productivity by 37% across college-educated professionals while Goldman Sachs believes it could raise global GDP by at least 7% in the next decade.

Revolutionising workplace software and client services In the near future, we will see widespread deployment of GenAI across our everyday business applications such as video conferencing, email and word processing. GenAI will automatically prepare speeches and slide decks for us, generate graphs from data,

Dr Nicola Stokes Chief Technologist for International Financial Services, IDA Ireland

READ MORE AT BUSINESSNEWS.IE

AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET WHO TAKE SOLE RESPONSIBILITY FOR ITS CONTENT

Clever businesses choose Clover: innovation at the checkout In today’s retail landscape, the evolution of transaction technology is more than just a trend; it’s a critical component of business success.

T

he Clover Terminal from AIB Merchant Services is a beacon of innovation in payment processing — but why are businesses rapidly adopting this technology, and what makes it stand out?

Advanced payment processing features At its core, Clover represents a leap in transaction technology, offering retailers a platform that’s not just functional but forwardthinking. This innovation is essential in a market where staying ahead means embracing systems that offer more than just basic utility. Clover’s advanced features, such as its integration capabilities and data analytics, empower retailers with tools to understand and enhance their customer interactions better.

However, innovation alone isn’t sufficient.

Reliability in transaction processing is paramount. Retailers face the unique challenge of maintaining pace with customer demands while ensuring each transaction is smooth and error-free. Clover’s robust design ensures a consistently stable and efficient operational experience, making it a reliable choice for businesses looking to minimise downtime and maximise customer satisfaction.

Fintechs optimistic for the future Patricia Callan Director, Financial Services Ireland

With digital technology embedded in every part of life, each firm operating in financial services is now a fintech firm.

T

he ongoing digital transition presents profound opportunities for firms, underpinned by their desire to meet evolving customer expectations and demands. It’s an opportunity to win business by providing a great service and attracting great talent with new, exciting jobs. For Ireland, the opportunities are vast.

At FSI, we want to make Ireland a hub for entrepreneurs, from all over the world, building the next generation of financial services firms.

Report on digital transition in financial services Earlier this year, we published a report entitled ‘Ireland’s Fintech Future’. The report was underpinned by a survey we commissioned to find out how financial services firms are managing their digital transition journeys. The findings of the report were positive, with firms of all sizes optimistic for turnover and headcount growth over the next three years.

The report also provided insight into the composition

READ MORE AT BUSINESSNEWS.IE

of the fintech startup sector in Ireland. Two-thirds of the participating companies operated across multiple areas, with ‘payments (not payroll)’ the most commonly identified single area.

The prominence of regulatory technology (regtech) was also noteworthy as an insight into the opportunities perceived to exist in helping firms comply with regulation more efficiently.

Firms recognise that having a well-regulated financial services sector is critical.

Navigating policies and regulation The findings did, however, seem to bolster a perception in the industry that there is a shortfall of fintech startups operating in regulated areas of financial services. A contributing factor may be the length of time that it takes to get an authorisation from the Central Bank of Ireland (CBI), which some firms identified as a challenge.

Some fintech startups also reported that complying with the body of regulation is an obstacle to growth. This is the nature of operating in a regulated sector, and firms recognise that having a well-regulated financial services sector is critical. However, meeting the required regulatory standards can be costly and time-consuming.

Building a well-functioning financial system We called on the CBI to examine its processes regarding how regulation is administered, and we warmly welcomed their public consultation on their approach to innovation engagement. One of the CBI’s objectives is to ‘ensure that our regulation is aligned with a well-functioning financial system based on good levels of competition and innovation.’

We look forward to continuing engagement with the CBI and Government so that we increase growth and innovation in financial services, to benefit Irish society and the economy.

Innovation alone isn’t sufficient. Reliability in transaction processing is paramount.

Reliable and user-friendly experiences Equally important in the modern retail environment is the aesthetic appeal of transaction terminals. Clover stands out with its sleek and elegant design, which goes beyond mere functionality. In a world where brand experience and store ambience are crucial, Clover enhances the aesthetic narrative of retail spaces. Its intuitive and user-friendly interface isn’t just about usability; it’s about complementing the shopping experience with a touch of sophistication and class.

As retail continues to evolve, businesses need to adapt by choosing solutions that align with these three critical aspects: (1) innovation; (2) reliability; and (3) aesthetics.

Clover by AIB Merchant Services exemplifies this triad, providing a solution that not only meets today’s needs but also anticipates the demands of the future. For retailers, choosing a system like Clover is more than a transactional decision; it’s a strategic move towards a more innovative, reliable and aesthetically pleasing retail experience.

Visit aibms.com today and request a payment consultation.

John Hoolahan, Marketing Director at AIB Merchant Services

Paid for by AIB Merchant Services

MEDIAPLANET

07

AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET WHO TAKE SOLE RESPONSIBILITY FOR ITS CONTENT

Innovation comes from having the ability to understand and identify where a business could be doing a better job.

Michael Concannon Head of Strategy and Development, Fintech and Payments Association of Ireland (FPAI)

08

MEDIAPLANET

READ MORE AT BUSINESSNEWS.IE