Irish start-up Treasury Delta has agreed a strategic alliance with John Power, former chairman of Independent Finance Providers Ireland, aimed at boosting the number of lenders using its new financial technology platform.
Treasury Delta, set up by ex-ESB and Bank of Ireland financier Padraig Brosnan, aims to drive down costs for businesses by allowing them to compare and buy financial services using his company's online platforms.
Treasury Delta's products include a treasury management function that lets companies calculate their total banking fees and costs, and tender for providers to compete for some or all of that business.
Padraig Brosnan says the platform will disrupt the traditional banking model by giving businesses greater insight and control of pricing.
Seven financial institutions have signed up to the service, which is set to go live in the first half of this year. Interest has been registered ahead of the launch from SMEs and corporates representing more than €8bn of business, the company said.
A separate service will allow established and new lenders to tender direct to businesses.
The alliance with John Power is to boost the number of credit providers plugged into the Delta Treasury platform, Brosnan said. "We're delighted with this strategic alliance as it assists Treasury Delta to fast-track our route to market, creates more awareness of our product offering, and also validates our sales and marketing model which can be easily deployed in other international markets.
Treasury Delta will make it easier for new entrants to offer credit in the Irish marketplace - ultimately driving down the cost of credit, he said.