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Winners of CONNECT@FEXCO payments innovation challenge announced

5 Apr 2017
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FEXCO – one of the world’s leading independent financial technology providers has today announced the winners of CONNECT@FEXCO, a third level innovation challenge specifically focused on the digital payments sector.

Launched in November 2016, the debut programme invited students from Cork University Business School (CUBS UCC) and the Institute of Technology Tralee (ITT) to develop solutions specifically addressing issues or leveraging opportunities within the digital payments industry.

The challenge, themed ‘Next Generation Financial Services Digital Platforms’, accepted submissions in 2 streams; prototype and theoretical.

The overall winner in the prototype section was submitted by Luke O’Sullivan, Shane Buckley, Laura Geaney and Eleanor Stritch from UCC. BRICKWALL is a risk and exposure management platform aimed at reducing instances of rogue trading. The proposed solution employs machine learning technology and bespoke algorithms to track, flag and report all aspects associated with rogue trading for financial institutions.

Runner-up in the prototype section was submitted by Jake McCarthy also from UCC. Jake’s submission, BIZAAR is an e-commerce platform, offering a customisable e-commerce experience for small brick and mortar stores, enabling them to compete with larger retailers for online sales.

The overall winner in the theory section was submitted by Ryan Crane, from IT Tralee. Ryan’s submission, FEXCOPAY, is a one-for-all mobile payment application that allows the user to pay with their mobile phone, facilitate withdrawals of cash from shops and select the currency in which they wish to pay.

Second and third place in the theory section were submitted by students from UCC. ONYX put forward by Seamus Nolan is a decentralised, cryptocurrency trading platform, facilitating the trading of cryptocurrency in return for credit to use in retail stores. In third place SPOTME submitted by Conor O’Kelly is a platform for making mobile payments for commercial and personal use. SpotMe acts as a standardised application layer for all bank accounts and banking functions.

Speaking about the initiative FEXCO’s Richard Molloy, Programme Coordinator commented, “Each submission was reviewed and adjusted from various individuals in FEXCO and rated on the overall ideation and commercialisation of the submission. All entries received written feedback on their submissions from experts across the FEXCO Group.

As organiser and sponsor FEXCO made awards of up to €2,000 for the best submissions available up to a maximum of €4,000. In addition to the financial incentives, FEXCO provided mentor and expert guidance from their own software and IT personnel to the students.

Barry O’Sullivan, GM Customer Engagement & Acquisition at FEXCO concluded, “We are delighted with the success of the programme and are hugely impressed by the calibre of the entries. I would like to extend congratulations, on behalf of FEXCO, to all of the winners and to thank them for their hard work on this project. FEXCO wishes all the best to the students in their future endeavours and we have no doubt that the next generation of innovation in financial services is in safe hands.

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