2015 Deloitte Top Technology Talent Competition winners
UL and UCC students identified as 2015 Deloitte Top Technology Talent Competition winners. Winning idea ‘TransferB’ redefines the nature of international remittance.
Pictured from left to right: Harry Goddard, Partner, Technology Consulting, Deloitte; Bobby Healy, Chief Technology Officer, CarTrawler and Peter Nagle
28 April 2015. Deloitte, the leading business advisory firm, is pleased to announce that University of Limerick student Claire Kelleher and University College Cork student Peter Nagle have won the 2015 Deloitte Top Technology Talent Competition. The winning submission, TransferB, will enable a faster and more effective transfer process for foreign nationals looking to send money home. Claire is from Tramore in Waterford and Peter hails from Rosscarbery in Cork.
Claire is currently studying a BSc of Mathematical Sciences in UL and Peter is studying Management Information and Managerial Accounting Systems in UCC, both due to graduate in 2015. The winning idea was borne through a fusion of Peter’s interest in the technological merits of Bitcoin and Blockchain technology and Claire’s desire to address some ethical issues surrounding the high charges levied on money transfers to some of the poorest regions in the world, from her previous involvement with UL’s Development Society.
This year €35 billion is expected to be collected in remittance charges. Average commission charges are 8% and waiting times are typically between 3 and 5 days. By leveraging Bitcoins Blockchain technology, TransferB can provide a more efficient and cost effective mechanism for global remittance. TransferB can offer remittance charges for 2%, with each transfer taken place within 1-24 hours. TransferB fundamentally enables instant, borderless transfers.
The team at TransferB has already started talks with some of the world's leading Bitcoin companies, and aim to partner with these institutions to facilitate the conversion of Bitcoin to local currency of the beneficiary. Trial runs have already been very successful.
The annual Deloitte Top Technology Talent Competition, now in its fifth year, seeks innovative ideas from third level students across Ireland on how technology can solve a business problem, create a business opportunity or enhance an existing service offering. The students with the top submissions are invited to present their idea, “Dragon Den Style”, to a judging panel of technology experts and industry leaders.
The winner of the 2015 Top Technology Talent Competition will receive an all-expenses paid trip to one of Deloitte Digital studios in North America, in addition to a six week summer internship in Deloitte Ireland. This will enable the winner to experience the Deloitte Digital experience in the Denver Studio and to gain valuable technology and business experience with Deloitte, one of Ireland’s leading business advisory firms.
Harry Goddard, Partner, Technology, Deloitte and judging panel member said: “The finalists’ ideas in this year’s competition superseded the judge’s expectations and were testament to the quality of technology talent we have in our Irish universities. Ultimately, the judging panel members felt that Claire and Peter’s technology could deliver demonstrable value and efficiencies to customers who were transferring funds internationally. In addition to having a revolutionary idea, we were very impressed with the validity of the business plan and sophistication of their implementation strategy”
Commenting on their win, Claire Kelleher commented: “I am thrilled myself and Peter won the Top Technology Talent Competition! All ideas that were presented throughout the competition were amazing. It has been an invaluable experience and will definitely stand to us.” Peter Nagle added: “The competition has benefited us immensely by allowing us to gain first-hand experience of life at Deloitte, while also allowing us to examine the impact that technology can have on society and businesses, through the development of our business idea.”
Details of the competition can be found at www.deloitte.com/ie/toptech.
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