Bank of Ireland Expands Stripe Partnership for AI-Powered Payments and Core System Integration #

Bank of Ireland has announced an expanded partnership with Stripe, the Irish payments and financial technology company, covering payments innovation, back-office operations, and integration of Stripe’s AI-driven technology into the bank’s core systems.

Susan Russell, CEO of Retail Ireland at Bank of Ireland, said the partnership would open “new opportunities” to enhance technology and accelerate AI integration for customers, citing Stripe’s Irish heritage as part of the rationale for the collaboration.

Conor McNamara, Stripe’s Chief Revenue Officer for Europe, the Middle East and Africa, said the two organisations had worked together for several years and that deepening the relationship meant extending the speed and reliability already proven in existing deployments to additional parts of the bank’s operations.

The expanded deal builds on work already under way within the Bank of Ireland Group. Davy, the Group’s wealth and capital markets subsidiary, has used Stripe’s Bank Transfer product since 2021, processing more than €2 billion in volume and reportedly saving around 3,000 staff hours annually. New Ireland Assurance, the Group’s life and pensions arm, is expected to roll out a comparable Stripe-powered product in the near term.

Bank of Ireland has also launched several other payments and digital products this year. In March it introduced Zippay, an instant mobile-to-mobile payments service, and Quicker Payments, which provides same-day transfers for UK business customers. It has also deployed Benefits Finder, an AI-powered tool designed to help customers identify eligible tax benefits.

Stripe was co-founded by Limerick brothers John and Patrick Collison. The company began as a payment processor and has since expanded into broader financial services, with AI-integrated infrastructure forming an increasing part of its enterprise offering.

Source: RTÉ News