TP & Payac award nomination: Best Newcomer

<28/03/2022>, London, UK – Transact Payments Malta Limited (TPML), provider of European BIN sponsorship and modular payment, debit, credit and prepaid services, together with Credit Union payments business, Payac, have been shortlisted in the Card and Payments Awards 2022 category for “Best Payments Industry Newcomer” in successfully introducing the first Credit Union current account in Ireland, with TPL as BIN sponsor for the debit card.

Payac, the leading payments provider, owned by Irish Credit Unions, partnered with TPML to further enhance its suite of services following a broadening of Credit Unions’ regulatory permissions in 2016, which enabled them for the first time to provide payment services such as current accounts, overdrafts, debit cards and tokenised mobile payments to their members.

TPML, which is experienced in shaping bespoke card solutions, developed a tailored and fully risk-assessed debit card solution in just four months. The debit card, as part of Payac’s Member Current Account Services, was successfully launched across 30 of its members in October 2019 under the currentaccount.ie brand. This has now increased to over 50 Credit Unions in 2021, across 185 branches in 2021 and includes the introduction of ApplyPay, GooglePay and FitbitPay mobile payment solutions. 

Payac CEO, Seamus Newcombe, says: “With around 65% of adults in Ireland having a relationship with a Credit Union, the opening up of regulatory permissions meant we could create an alternative for their current account with a Credit Union they already trust. This was an entirely ground-breaking product posing complicated technological challenges across multiple banking platforms. TPL worked with us hand in glove to overcome these issues and deliver a seamless debit card solution that for the first time enables Credit Unions in Ireland to offer a complete suite of banking services.

“We are thrilled to be shortlisted for an award that recognises this achievement in evolving the Irish payments landscape. To be part of such a milestone is something we’re really proud of, and to receive this award would be an accolade to everyone involved.”

Aaron Carpenter, CEO of TPML says: “We pride ourselves on our approach of developing creative solutions where we first and foremost apply our experience and knowledge to ensure a technologically reliable, safe and compliant solution. This was absolutely vital to Payac, as they needed to maintain the trust and credibility that Credit Unions have earned among their loyal customer base, but there were so many potential pitfalls due to there being no existing debit card infrastructure. We worked closely with Payac, their partners and their chosen Scheme, Mastercard, to deliver not just a debit card, but the final piece of the banking jigsaw for Irish Credit Unions. It’s an honour to have been part of, not simply a debit card solution, but ultimately bringing Ireland’s banking customers greater choice and freedom of banking. We have our fingers crossed for the big night!”

The Card and Payments Awards, now in its 17th year, recognise success and innovation in the UK and Irish cards and payments industry. Winners will be announced on 3 February 2022 in London in front of over 1000 guests. Payac and TPL are up against six other shortlisted entrants competing for “Best Payments Industry Newcomer”. For a full list of categories and shortlisted entries, visit: The Card and Payments Awards 2022 – 2022 Category Finalists