Optal, a world leader in optimising B2B transactions, has today announced that its Irish subsidiary, Optal Financial Europe Limited, has been authorised by the Central Bank of Ireland as an e-money institution (EMI). The licence allows Optal to issue and redeem e-money, as well as the ability to provide payment services. The news follows the recent office opening in Dublin, expanding the company’s presence in the local market and ensure that European customers are insulated from any Brexit-related uncertainty.
As such, it offers Optal new growth opportunities in the Irish market for its innovative B2B payment product offering and the ability to continue passporting its services across European markets after March.
“A significant portion of our business is in the E.U., so we needed to ensure continuity for these customers post-Brexit. With a presence in Ireland, we also now have an opportunity to transform B2B payments for local organisations with our innovative Virtual Account Number (VAN) product offering” said Darragh Deady, General Manager of Optal’s Irish subsidiary.
“We’re always looking to expand our regulatory infrastructure and establish a presence in jurisdictions where it makes sense to do so. Optal is now regulated in multiple jurisdictions including Ireland, Hong Kong, Australia and the U.K.”
Optal is a multi-award-winning expert in optimising B2B payment processes — stripping out cost and complexity, reducing risk and unleashing hidden working capital for organisations across various sectors.
Optal’s Virtual Account Number (VAN) solution generates 16-digit, single-use card numbers on-demand to enable fast, simple and secure supplier payments. It’s a fully automated process in which the supplier uses the VAN to pull the cash from the card scheme, eliminating costly manual processes, human error and data breach risks for the buyer.
Nearly three-quarters (73%) of FTSE 350 finance chiefs believe a low cost, low risk B2B payments solution like VANs would be appealing, according to recent research.