'M1 corridor' could make Dundalk heart of EU Payments Hub

Business and Technology

'M1 corridor' could make Dundalk heart of EU Payments Hub
Ian Cameron ian.cameron@dundalkdemocrat.ie @IanAlexCameron

The North East and more specifically a 'M1 corridor' from Dublin to Belfast could become an EU gateway for international payments companies with Dundalk at its heart.

That's the view that came out of the second national ePayments conference held at CityNorth hotel recently.

Over 120 people attended the conference, where Michael Wasserfuhr, CFO of Vesta, and Board member of the Atlanta Transaction Processors Coalition (ATPC), who described how Atlanta has successfully built the largest Payments cluster in the world, where more than 60 percent of the companies in the U.S. payments industry call home, and 70 percent of all U.S. payments are processed annually run through Georgia.

Delegates and attendees discussed if Ireland could offer a similar solution to the EU Payments Industry, with the development of an M1 Payments Corridor from the IFSC to Belfast, and the creation of a National Payments Centre in Drogheda.

Richard Hanlon, SVP of Vesta’s EU Headquarters in Dundalk, outlined how he is working with partners in the M1 Steering Group, to develop the M1 Payments Corridor as a region that can cultivate indigenous payment-related companies, and attract global firms to its establish EU Headquarters.

“The ATPC started with three companies,” he said, “and in three years, has developed into the primary voice of the Payments industry in the USA.

“It’s crucial that we build on the current momentum, and take the bold steps needed to become the EU payments gateway”.

Other keynote speaker included Louise Phelan, PayPal’s Vice President of Global Operations for Europe, Middle East and Africa, who delivered a presentation on ‘The Future of Money’ and how their M1 Dundalk operations has helped them achieve and exceed their EU milestones.