An M1 ‘Digital Payments Cluster’ is a key part of the recently published NorthEast Action Plan for Jobs which proposes the creation of a ‘digital payments hub’ in Drogheda, and along the M1 economic corridor with the potential to create hundreds of sustainable new jobs.

The Minister for Business and Employment Ged Nash TD  launched the new Action Plan for Jobs for the North East/North West on November 30th, which aims to increase employment by 10-15%, resulting in 28,000 more jobs in the Border region by 2020.

Minister for Jobs, Enterprise and Innovation Richard Bruton speaking at the publication of the Government’s Action Plan for Jobs in the North East/North West at the new Boann Distillery in Drogheda today. Photo: Andy Spearman.
Minister for Jobs, Enterprise and Innovation Richard Bruton speaking at the publication of the Government’s Action Plan for Jobs in the North East/North West at the new Boann Distillery in Drogheda today. Photo: Andy Spearman.

According to the government’s IFS Strategy 2020, 35% of existing Financial Services jobs in Ireland are already based outside of Dublin. The creation of a new Payments Hub is a key action of the IFS Strategy document.

Launching the Action Plan for Jobs for the North East / North West at the new Boann Distillery in Drogheda, Minister Nash said, “We need to build on the recovery and the turnaround in economic fortunes to ensure there is further jobs growth and opportunities across County Louth. I believe the Digital Payments Cluster concept along the M1 Corridor, building on the success of Fintech companies such as Yapstone and Statestreet in Drogheda, PayPal, eBay and Vesta in Dundalk offers a critical mass of companies with the potential not just to scale and grow, but also to act as a magnet to other indigenous and FDI companies. The fact that the Mill is also expanding by building phase two of the enterprise centre with funding I secured means that more startup companies in this field will have a supportive home to start and scale their business.”

Within the North East and M1 Corridor, companies have access to the skills and expertise within the HEI sector to include Dundalk Institute of Technology as well as DCU through the strategic alliance between the two HEIs. Given the region’s proximity to the border, major opportunities also exist to facilitate and significantly support the development of the digital payments cluster by deepening and widening this supply chain across the M1 Corridor. The Mill (Drogheda Enterprise Centre Limited) and DkIT are proposing to undertake an action/business plan for this cluster with the following remit:

 

  1. To identify the best way in which the region can support the emergence of a digital payments cluster.
  1. To outline the range of enterprise development and R&D programmes to support the cluster’s development and to identify how these will be resourced to best support the development of the cluster.
  1. To explore national and international marketing initiatives for the development of the cluster, and to market the cluster.
  1. To develop a business/implementation plan for the realisation of the project.

 

According to Breanndán Casey, BDM of The Mill Enterprise Hub, “The cluster presence of a number of Payments service companies within the North-East region was identified as a strength at a recent Stakeholder meeting on the Regional Action Plan. Our recent  Payments Conference was a great success, and gave both large and small payment firms an opportunity to network, reflect on the state of the Payments industry on a national perspective, and hear the latest thoughts from leading innovators in the fast-growing sector. The Conference was completely sold out, and included two panels of companies from across Ireland, and international payments expert, David Birch. Additional contributors include Bynk, VESTA, Frontline VC, DKIT, Currency Fair, Aphix Software, DCU, Abarta Consulting, and the IDA. The Mill is working with industry players on the M1 Corridor, and with DKIT and DCU to develop the proposed M1 Payments Corridor, which would link the IFS with Belfast via Dublin airport, Drogheda and Dundalk. ”

The Action Plan also includes examining the establishment of a Business Innovation centre in Louth. Minister Nash continued “I also strongly support the idea of establishing a Business and Innovation Centre in the county in order to meet the target of increasing startups in the county by 25%. But, it is not just about increasing the number of new businesses and entrepreneurs – it is about ensuring that they survive and thrive and the track record of BICs in other parts of the country shows that assisted companies have a survival rate of more than 75%.”

Other key targets in the plan specifically aimed at Drogheda and the wider Co. Louth area include:

  • IDA and Enterprise Ireland will work with industry, The Mill in Drogheda and DkIT and DCU to develop a Digital Payments Cluster in the area
  • Explore the potential to establish a new regional Business and Innovation Centre in Drogheda
  • IDA will continue to market the IDA Business & Technology Park in Drogheda in order to enhance the attractiveness of the area for foreign direct investment (FDI)
  • Win 30-40% more Foreign Direct Investment for the region
  • Build on the Ireland’s Ancient East brand, including positioning Drogheda as the Gateway to the Boyne Valley, to grow tourism employment by 25% by 2025
  • Increase the number of startups in County Louth by 25%
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On 9th October 2015, The E-Payments Conference “Payments – The Opportunity for Collaboration and Scaling” took place at City North Hotel where guest speaker David Birch, from London-based Consult Hyperion, which specialises in secure electronic transfers, spoke on the future of the e-payments sector.

E-Payments Conference
Denis Cummins, President DKIT, Ged Nash, TD, Minister of State, Department of Jobs, Enterprise and Innovation, Dave Birch, Consult Hyperion, Richard Hanlon, VESTA and Brian MacCraith, President DCU at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews

9.30am: Welcome Address: Ged Nash, TD, Minister of State, Department of Jobs, Enterprise and Innovation.

E-Payments Conference
Ged Nash, TD, Minister of State, Department of Jobs, Enterprise and Innovation at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews

9.50am: Introduction by Dennis Cummins, President DKIT

Panel Discussion: Chaired by Richard Hanlon, Vesta
Vesta logoPanel: Brian MacCraith (President DCU), David Birch (Consult Hyperion), Denis Curran (IDA Ireland), Dave Anderson (Bynk.me), Garrett Cassidy (Abarta Consulting).

  • State of Payments Sector in Ireland
  • Regionalisation / Opportunities for smaller Fintech Companies
  • R&D in Payments Sector
E-Payments Conference
Denis Cummins, President DKIT at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Richard Hanlon, VESTA at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Panel, Denis Curran, IDA, Brian Mac Craith, President DCU, Dave Anderson, Bynk.me, Garrett Cassidy, Abarta Consulting and David Birch, Consult Hyperion at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews

11.20am: Keynote Presentation – David Birch, Consult Hyperion
“The Future of Payments Industry”

E-Payments Conference
David Birch, Consult Hyperion

David BirchDavid Birch is a Director of London-based, Consult Hyperion, the IT consultancy that specialises in secure electronic transactions. He is an internationally-recognised thought leader in digital identity and digital money, was named one of Wired magazine’s global top 15 favourite sources of business information, listed in the European “Power 50” for digital financial services, rated a NextBank “Fintech Titan” and ranked Europe’s most influential commentator on the emerging payments field. His latest book “Identity is the New Money” was published in April 2014.

 

12.20pm: VC/Startup Panel Discussion – Chaired by Alan Costello, Ruby Consulting
Panel: Frontline VC (Will Prendergast, Partner), CurrencyFair (Chief Operating Officer, Michael O’Donovan), Aphix Software (Graham O’Rourke, CEO), Brendan McCormack (Enterprise Ireland), Dermot Berkery (Delta Partners).

E-Payments Conference

1.15 pm: Light Lunch / Networking

E-Payments Conference
Irene McCausland, DKIT and Alan Costello, Ruby Consulting at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Breanndán Casey, The Mill, Thomas McEvoy, Louth LEO and Denis Curran, IDA at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Fintin Byrne and Michael O’Donovan from CurrencyFair at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
“Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
“Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Thomas McEvoy, LEO louth and Deirdre Craven, IDA Ireland at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Adam Jermyn, BOI and Eoin Kinsella, Elavon at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Brian MacCraith, President DCU with Bernadette Treanor, BEO Solutions at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews
E-Payments Conference
Ged Nash, TD, Minister of State, Department of Jobs, Enterprise and Innovation with Graham O’Rourke, Aphix Software at the “Payments – The Opportunity for Collaboration and Scaling” E-Payments Conference at the City North Hotel.
Photo: Jenny Matthews

Birch 2025 PresentationE-Payments Conference

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DL 13.10.15 E-Payments Conference