PAYMENTS OVER OPEN BANKING The benefits of accepting

PAYMENTS OVER OPEN BANKING The benefits of accepting account based payments. Colm Lyon October 2019 Fire Financial Services Limited (Fire EU) trading as Fire or fire. com is regulated by the Central Bank of Ireland (C 58301). Fire Financial Services Limited (fire-UK) is authorised as an Electronic Money Institution by the Financial Conduct Authority, Reference No: 900983.

AGENDA • • • INTRODUCTION & BACKGROUND PAYMENT ACCEPTANCE PAYMENT INITIATION OVER OPEN BANKING COMPARE & CONTRAST EXAMPLES CURRENT STATE 2

INTRODUCTION • • • COLM LYON – CEO & FOUNDER FIRE. COM CEO FOUNDER – REALEX PAYMENTS UK FINANCE PAYMENTS PSB MEMBER EARLY STAGE START UP INVESTMENT FUND UNIVERSITY COLLEGE DUBLIN UNIVERSITY COLLEGE CORK 3

TECHNOLOGY REGULATION PRICING REAL TIME CUSTOMER BREXIT ACCESS INVESTMENT COMPETITION

CLOSER TO HOME • • • PSD 2, TPPS, PISPS, AISPS CMA ORDER – OBIE CREATION OF PAY. UK – NPA RTS AND BEYOND AUTHORISED PUSH PAYMENT SCAMS & CRM CONFIRMATION OF PAYEE REQUEST TO PAY SECURE CUSTOMER AUTHENTICATION – SCA BREXIT – TPR, SEPA, FTR 5

ACCESS & SERVICE MODEL THE RE-BUILDING OF BANKING SERVICES TECHNOLOGY ADVANCES CONNECTED CUSTOMERS REGULATION INVESTMENT CHANGE RISK & OPPORTUNITY AGILITY & SPEED OF DECISION & EXECUTION CUSTOMERS SERVICE PROVIDERS BANKS DIRECT

PAYMENT ACCEPTANCE • • COST ISSUES WITH FRAUD SECURITY – DATA CUSTOMER EXPERIENCE RECONCILIATION SETTLEMENT TIMES AUTHENTICATION (SCA) ACCESS – PULL VS PUSH CARDS, SINGLE SHOT DIRECT CREDITS, BULK PAYMENTS

ACQUIRING OF ACCOUNT BASED PAYMENTS Consumer Merchant requires payment from Consumer 2. Consumer instructs PISP to proceed 4. Consumer approves payment 1. Set up the payment with the PISP/ASPSP 3. PISP sets up payment 5. PISP initiates payment Consumer ASPSP Merchant ASPSP and TPP (PISP) 6. Funds

COMPARE & CONTRAST • COST – LESS THAN DEBIT CARD • FRAUD REDUCED, DATA FLOW IMPROVED • CONFIRMATION OF PAYEE BY PAYER’S ASPSP/BANK • SECURITY – ENHANCED (DIGITAL CERTS) • CUSTOMER EXPERIENCE – BIOMETRICS • RECONCILIATION – COLLECTIONS OR SETTLEMENT A/C • SETTLEMENT TIMES IMPROVED • AUTHENTICATION (SCA) RESPONSIBILITY SHIFTED • HIGHLY AVAILABLE/ACCESSIBLE

ANYWHERE ANYTIME ANYWAY • • • PAYMENT REQUEST - ANY CHANNEL WEB, ONLINE, MOBILE INVOICE QR CODE NFC TAG

WRAP UP • • STRONG BUSINESS DEMAND COST EFFECTIVE, MORE SECURE LESS FRAUD EASY TO INTEGRATE • • LOW INITIAL TAKE UP PATHWAY TO ADOPTION APP TO APP API AVAILABILITY 12

The complete solution for integrated payments. Whether you’re a start-up, corporate, bank or fintech – we can help you to manage and automate payments, with all the tech, debit cards and accounts you’ll ever need. 13

FIRE. COM • • • COMPLETE PLATFORM PAYMENT SERVICES TECH, ACCOUNTS & CARDS EASY ACCESS AND INTEGRATION REGULATED IN EU & UK HOST OF CLIENTS FIRE. COM 14

WITH THANKS colm. lyon@fire. com +353 87 245 2248 @colmlyon www. fire. com – London, Dublin, Cork