| 6°C Dublin

Close

Premium

Plaid calls on Ireland to tap fintech boom

Visa-backed firm warns State against falling behind international competitors

Close

'The move toward more open banking with the EU's new Payment Services Directive has at times been faltering in Ireland, according to critics in the industry.' Stock Image

'The move toward more open banking with the EU's new Payment Services Directive has at times been faltering in Ireland, according to critics in the industry.' Stock Image

'The move toward more open banking with the EU's new Payment Services Directive has at times been faltering in Ireland, according to critics in the industry.' Stock Image

US fintech firm Plaid has said it sees a big opportunity in Ireland as Covid-19 fears continue to push innovations around contactless payments and other parts of the financial sector.

But the company, which was bought by Visa for $5.3bn (€4.8bn) last November and which enables fintech developers to connect their services more readily to banks, warned that Irish regulators must ensure the company can keep pace with innovation in the industry.

The deal with Visa is awaiting final regulatory approval but Keith Grose, Plaid's international lead in Europe, said that it would greatly increase the firm's ability to expand in markets such as Ireland. Already, Plaid's technology is used by up to 80pc of fintechs in the US and it is now looking to replicate that success among the growing cluster of Irish fintech companies.