TransferMate takes top prize at the inaugural Deloitte Financial Services Innovation Awards

Global payments company TransferMate has been announced as the overall winner of the first annual Deloitte Financial Services Innovation Awards. Established in 2010, the company facilitates global payments in 162 countries in 134 currencies, and has nine offices worldwide.

The awards, which celebrate innovation by financial services companies across the island of Ireland, recognise both individuals and companies that are leading the way in innovation - using technology to address challenges and create opportunities, improving user experience, and changing the way business is done. Financial Services Ireland (FSI) and Banking & Payments Federation Ireland (BPFI) partner with Deloitte on the awards.

Speaking at the awards, Minister Michael D’Arcy TD, Minister of State at the Department of Finance with special responsibility for Financial Services and Insurance said:

Financial services has long been a priority sector for the Irish Government. The development of our international financial services sector has been one of the highlights of Ireland’s economic development over the last 30 years. It is innovation that will be key in ensuring that we maintain what we have and to continue enhancing our IFS sector. The Ireland for Finance strategy recognises this with one of the four foundational pillars being Technology and Innovation.

I am delighted to have been invited by Deloitte to their inaugural Deloitte Financial Services Innovation Awards. As the first event of its kind in Ireland, the awards celebrated innovation in the financial services space and I would like to congratulate all of the nominees and award winners on their achievements.

It was double success for TransferMate at the awards. In addition to being crowned the overall winner, it was also named the winner within the Product or Service category for its Global Invoice Connect product. This is an international receivables product for businesses looking for a more efficient solution for receiving payments from their global customers. The product provides an alternative to international wire payments by using TransferMate’s global network, which features a robust legal and compliance framework capable of transferring funds in over 162 countries. TransferMate collaborates with Wells Fargo to bring Global Invoice Connect to the market.

Denis McCarthy, CEO of Fexco, was announced as the winner in the leadership category. This award acknowledges the role Denis has played in driving Fexco’s diversification into new product areas and investment in innovation that has proven key to the evolution of the company into a global fintech business. Prior to his role at Fexco, as a founder of both Annadale Technologies and Aviso, he demonstrated his ability to lead a concept and idea through to product development and commercial success.

David Dalton, Head of Financial Services at Deloitte Ireland, commented: 

Congratulations to TransferMate on being crowned overall winners. We launched these awards to showcase the pioneering innovations that were being developed in the industry and to showcase Ireland as hub for innovation internationally. We’ve been blown away by the calibre of innovation within the industry and TransferMate certainly exemplifies that through their innovative product offerings. Similarly, Denis’s relentless focus on continuous improvement and the determination he has shown when pursuing efforts to innovate is inspiring to all of us – he is an outstanding leader, innovator and influencer in the financial services industry. The judging panel were particularly struck by their appetite to collaborate with strategic partners, both domestically and internationally, to drive innovation within their businesses.

Through these awards, we have observed a level of innovation in the financial services industry and an ecosystem in Ireland not seen before, and we are delighted to recognise those companies that are driving this.


From over 100 applications the judging panel, comprising Julie Sinnamon, CEO, Enterprise Ireland; Brian Hayes, CEO, BPFI; Joe Duffy, Chair of FSI Executive Board and Country Executive for BNY Mellon in Ireland; Ciaran Hancock, Business Editor, The Irish Times; Mai Santamaria, Head of the Financial Advisory Team at the Department of Finance; and David Dalton, Head of Financial Services, Deloitte, chose the following winners:

• Product or Service – TransferMate
• Operations - Institute of Banking
• Customer Experience – Xtremepush
• RegTech – AQMetrics & Fenergo (joint winners)
• Learning - Ulster Bank
• Social or Sustainable Entrepreneurship – Fexco
• Most Disruptive Fintech - InvoiceFair
• Leadership – Denis McCarthy
• Overall winner - TransferMate

Over 150 business leaders from across the island of Ireland attended the awards gala on Friday 20 September, alongside Minister Michael D’Arcy TD, Minister of State at the Department of Finance with special responsibility for Financial Services and Insurance, and keynote speaker Chris Skinner, CEO of The Finanser, author and expert commentator on the financial markets and fintech.

Ends

Notes to editors

Award categories

1. Product or service - an innovative product or service with distinguishing features that benefits the end-user or the financial services industry.
2. Operations - an innovation in middle and back office operations that improved organisational efficiencies and/or reduces operating costs. 
3. Customer experience - an innovation in UX/UI that benefits customers and/or financial services institutions. 
4. RegTech - a technological innovation that assists companies to overcome challenges and meet key regulatory compliance obligations.
5. Social or sustainable entrepreneurship - the use of technological innovation within the financial services sector that enhances social responsibility or sustainable aspects of a business or community.
6. Learning - an organisation which fosters a culture of innovation. 
7. Leadership - an individual who has significantly contributed to innovation in the financial services industry and advancement of the sector - their work could be related to establishing a new innovative product or setting new standards of excellence.
8. Most Disruptive FinTech - a small to medium-sized organisation that has disrupted the financial services industry.
9. Overall winner - selected by the judges from the winners above.

A business may enter in as many categories as applicable.

Eligibility Criteria
Qualifying applicants will satisfy the following criteria:

1. An organisation which has developed an innovation within the financial services industry.
2. An organisation which is operating on the island of Ireland (including Northern Ireland).
3. An organisation with an annual turnover in excess of €1million/£850,000. 
4. An organisation which has been in operation for a minimum of three years.

Assessing Criteria

Our definition of innovation: “Innovation is the creation of a new, viable business offering. Innovation requires identifying the complicated problems that matter, and moving through them to deliver elegant solutions.” [Doblin, a Deloitte business]
Entries will be assessed by a panel of industry experts under the following criteria:

• Novelty of idea
• Proof of cost-benefit of innovation
• Clear outline of benefits to the end-user and/or contribution to the financial services industry (specific details are required per category)

For Further Information Please Contact
Aoibheann O’Sullivan
Murray
01 498 0300
087 6291453
aosullivan@murrayconsultants.ie

Claire Quinn
Deloitte
01 417 2356
087 9777783
cquinn@deloitte.ie

About Deloitte
At Deloitte, we make an impact that matters for our clients, our people, our profession, and in the wider society by delivering the solutions and insights they need to address their most complex business challenges.

As the largest global professional services and consulting network, with approximately 286,000 professionals in more than 150 countries, we bring world-class capabilities and high-quality services to our clients.

In Ireland, Deloitte has approximately 3,000 people providing audit, tax, consulting, and corporate finance services to public and private clients spanning multiple industries. Our people have the leadership capabilities, experience and insight to collaborate with clients so they can move forward with confidence.

In this press release references to Deloitte are references to Deloitte Ireland LLP. The information contained in this press release is correct at the time of going to press. Deloitte Ireland LLP is the Ireland affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.

About Financial Services Ireland:
Financial Services Ireland (FSI) is the Ibec sector representing the full suite of financial services companies in Ireland. Our 140 members are involved in banking, insurance, fund administration, investment management, corporate treasury, international financial services, aircraft leasing, securitisation and fintech.

Established in 1984, FSI supports the development of the financial services industry both at domestic and international levels. We bring together multiple financial services sectors and channel industry issues through FSI’s and Ibec’s powerful advocacy voice. Our network is structured around core working groups, member forums, networking events and initiatives, which are the primary enablers of our strategy.

About Banking & Payments Federation Ireland:
Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Delivering a range of services through our specialist team, we mobilise the sector’s collective resources and insights to deliver value and benefit to members, enabling them to build competitive sustainable businesses which support customers, the economy and society.

Through the work of our Brussels and Frankfurt based offices, our active membership of the European Banking Federation and our well-established EU and international networks, we also represent Ireland’s banking and payments industry at an international level.