Cyber Conference 2016

Banking & Payments Federation Ireland, in association with EY, hosted its Cyber Conference 2016 on Thursday 28 April in the Marker Hotel, Dublin 2.

A successful cyberattack can cause significant financial, operational and reputational issues for organisations. Cybersecurity is a recurring agenda item and discussion topic at executive and board level internationally.

While the financial sector has developed some of the most sophisticated defence and risk mitigation capabilities to date, the threat landscape has become more complex due to the ever and rapidly evolving attack vectors used by cybercriminals.

To mitigate against the evolving threats and risks posed by cyberattacks, the financial services sector needs to better understand what peer banks, institutions, law enforcement and others are currently developing and implementing to better detect, combat and respond to the ongoing challenges.

The half-day conference addressed various aspects of cybercrime and cybersecurity, providing members with valuable insights from key decision makers, cyber security experts, law enforcement and academia.

The agenda for BPFI’s Cyber Conference 2016 is available to download here.

Best Practice Approach to Vulnerability

Banking & Payments Federation Ireland held a ‘Best Practice Approach to Vulnerability’ Seminar on Thursday 21st April in the Marker Hotel, Dublin.

The seminar looked at how the financial sector in Ireland can best facilitate the requirements of customers who may be in vulnerable circumstances. Local and international experts considered what is meant by vulnerability and how financial service providers can improve the experiences and outcomes for vulnerable customers.

Some of the key concerns faced by the financial services sector were addressed, with presentations from the Office of the Data Protection Commissioner and the Intersectoral Committee on Safeguarding Adults. There was a presentation from the Chair of the recent Vulnerability Taskforce in the UK on the challenges and recommendations for financial service providers. Attendees heard how the new Assisted Decision Making (Capacity) Legislation will impact on banks once commenced and learned of positive training initiatives developed to raise awareness and to deal with specific challenges.

Exam Ready – Business students gear up for Easter revision with online resource BusinessEducation.ie

As students across the country gear up for exam revision during their Easter holidays, a number of new content streams have been launched on BusinessEducation.ie, an online resource for teachers and students of Leaving Certificate Business, Economics and Accounting.

Developed by Banking & Payments Federation Ireland (BPFI) in conjunction with the Business Studies Teachers’ Association of Ireland (BSTAI), the site provides a range of support tools for use in the classroom and at home. These include sample exam questions and worked-out answers written and assessed by experienced teachers; an overview of and commentary on the most up-to-date figures on a range of Ireland’s key economic indicators written by BPFI’s economist; as well as useful links to business news stories relevant to both the Business and Economics curricula.

Due to the ongoing success of the site since its launch in March 2015, BPFI has worked closely with the BSTAI in recent months to develop a number of new content streams which were unveiled this week. These include, among others:

  • the addition of a new section for the subject of Accounting
  • a new business and economics briefs section, written by BPFI’s economist, consisting of short reports on key national and international business and economic developments of note
  • a number of additional sample exam questions and answers have been added to the existing sections for Business and Economic
  • past Leaving Cert exam papers as well as marking schemes can now also be accessed for each of the three business subjects.

Speaking at an event held to mark the enhancement of the site, well known business figure and former teacher, Padraig O’Ceidigh said: “As someone who has experience in both the boardroom and the classroom, I have first-hand knowledge of the significance of business education. The study of business, economics and accounting by our students is vital to developing the future health of our country’s economy and I commend both BPFI and the BSTAI in working to produce this resource which will undoubtedly be of immense value throughout the school year and in preparation for exams.”

Also speaking about the benefits of the resource, Norah Martyn, BSTAI, said: “Since its launch last year, BusinessEducation.ie has proved a tremendous success with both teachers and students alike, and it is this success which has driven the current expansion of the site. In recent months the BSTAI worked with its members to identity possible new elements for the resource which would add further value for teachers and students. BPFI has taken this feedback and delivered an even further enhanced resource which will build on the quality of teaching and learning by adding to the support provided to students and teachers.”

Noel Brett, BPFI CEO, added: “BPFI is delighted to spearhead the development of this online resource with the BSTAI, with whom we have a long-standing relationship across a range of financial education projects and initiatives. Having identified a real need for this type of resource, BPFI and the BSTAI have worked very closely together to develop and improve BusinessEducation.ie which we know from teachers on the ground provides valuable support both within and outside the classroom. BPFI and its member institutions recognise the importance of financial education and this resource is one part of a wealth of initiatives already being provided by our sector in schools, colleges and in the workplace.”

BusinessEducation.ie has been developed as part of European Money Week, an annual initiative led by the European Banking Federation (EBF) which takes place throughout the week 14th to 18th March 2016. The initiative aims to raise public awareness on financial literacy and improving financial education for students at primary and secondary level. Further details on European Money Week can be found at EuropeanMoneyWeek.eu

ENDS/

Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

Note:
Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

The Business Studies Teachers’ Association of Ireland (BSTAI) is the professional association for all teachers of Business Studies subjects in second level education. With 16 branches through the country, the role of the association is the enhancement and development of business subjects in our schools. For more information, visit www.bstai.ie.

Consumers switch from paying in cash to paying by card

Value of debit card payments exceeds the value of ATM withdrawals

 New analysis by Banking & Payments Federation Ireland (BPFI) shows that consumers are switching from cash to card to make payments.

The analysis shows that consumers each made debit card payments worth, on average, €7,442 in 2015. That compares with about €5,388 per capita in ATM cash withdrawals.

Card usage per capita* in 2015

Card v cash graph 1

While consumers spend more via cards than in cash, most consumers still rely on cash for low-value daily payments.  BPFI estimates that:

  • the average cash payment in Ireland is €17, compared with about €50 for debit cards and about €80 for personal credit cards (€142 for business credit cards);
  • each adult makes, on average, 491 payments per capita in cash in a year, 148 debit card payments and 34 credit card payments.

Payments per capita in 2015

Card v cash graph 2

Irish consumers’ traditional reliance on cash for low-value transactions is likely to lessen in the coming years with the wider availability of contactless cards – most banks here now offer contactless payments on debit and/or credit cards. The use of contactless cards should also be boosted by the doubling, at the end of October 2015, in the contactless card payment limits to €30.

Growth in electronic commerce is also helping to shift consumers from cash to cards. Credit and debit cards were used to pay for some €3,148 per capita in ecommerce (including online and phone) transactions in 2015, or representing about 30% of all card payment value.

BPFI tracks payments trends and will launch its Payments Monitor publication later this year.

Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Media Contact: Jillian Heffernan, Head of Communications, 087 9016880

FIBI Annual Conference 2016: Navigating the New Banking Landscape

The Federation of International Banks in Ireland (FIBI), which is affiliated to the Banking & Payments Federation Ireland (BPFI), held its flagship annual conference ‘Navigating the New Banking Landscape’ on Thursday 26 May in The Westin Hotel, Dublin.

A dedicated website for the FIBI Annual Conference 2016, which provides details on our conference programme, speakers and sponsors, is available here.

This year’s conference brought industry leaders and policymakers from across the international and domestic banking and financial services sector together to discuss the regulatory and supervisory agenda and the emerging business opportunities and challenges now facing banks. Delegates heard from experts including José Maria Roldán, European Banking Federation Vice President, Dominique Laboureix, member of the Single Reolution Board, Gerry Cross, Director of Policy and Risk, Central Bank of Ireland and Pascal Fischer, Head of Global Markets, EMEA, BNP Paribas.