Bank of Ireland has agreed a new strategic partnership with financial technology company Stripe, which the bank said marks a key milestone in its digital transformation programme.
Bank of Ireland said the partnership will focus on accelerating payments innovation, streamlining backend operations, and exploring ways to deeply integrate Stripe’s AI-driven financial technologies directly within Bank of Ireland’s core operating systems.
The partnership announced today is an extension of the existing relationship between the two companiese. Stripe’s programmable money movement technology already underpins payments reconciliation for Davy.
Davy has used Stripe’s Bank Transfer product since 2021 and has since processed over €2 billion, saving 3,000 hours annually. New Ireland Assurance – Bank of Ireland Group’s life and pensions provider – will shortly roll out a similar product.
Susan Russell, CEO, Retail Ireland, Bank of Ireland said that payments are a core part of the value the bank delivers and partnering with Stripe provides it with new opportunities.
“Stripe is a great success story, with a strong Irish heritage. We look forward to working with their team to further enhance our technology and accelerate AI integration to improve services for customers,” she added.
Conor McNamara, Chief Revenue Officer for Europe, the Middle East and Africa at Stripe, said the company has been working with Bank of Ireland Group for several years.
“Deepening that relationship is now about going further and bringing the same level of speed and reliability to other areas so they can move faster for their customers,” he added.
Stripe – which was founded by John and Patrick Collison – specialises in payment processing but has been rapidly growing into other areas of financial services and digital transactions.