Ex-banker launches new financial comparison site for SMEs in Northern Ireland
NORTHERN Ireland is to be the launch-pad for a Dublin-based company planning to make itself a "nuisance" in the banking space by encouraging businesses to switch to rival financial providers for a better deal.
For in what is almost akin to a hotels.com-type service, the innovative online service will compare banking services and charges as they relate to individual businesses and offer alternatives which companies can then choose to access.
And given that business fees, services and charges in the UK are currently running at around £3 billion a year, including more than £250 million in Northern Ireland, operators of the new service believe they have come up with a "revolutionary solution".
Treasury Delta has been founded by Padraig Brosnan, who has direct experience in the area of corporate treasury having spent years working with both ESB and Bank of Ireland.
"It's massively difficult for companies, especially SMEs, to switch banks and it's almost impossible to get market pricing from competitor banks in a short space of time at a low cost," he said.
"But I believe Treasury Delta has, from scratch, developed an online solution to help companies easily achieve pricing from financial institutions in a very efficient manner.
"It's a platform which offers a clear and straightforward customer journey for both companies and financial institutions to interact with each other in relation to pricing business banking products and services."
Brosnan - who plans to roll out the service in Britain and the Republic - says he is "acutely aware of the pain points" both for companies and financial institutions in relation to pricing transactional banking products and services.
But through digital technology the Treasury Delta team has revolutionised an archaic and time-consuming manual process which will allow companies to easily benchmark their current provider in an efficient and economic manner.
"Our platform will prove to be very disruptive within the business banking and corporate marketplace as it will bring transparency but in a discreet manner to area of transactional banking," Brosnan says.
"It will provide an introduction for companies to new financial institutions who will quote for their transactional banking business through the platform. These new financial institutions will also receive analytics on the company's overall business banking requirements and therefore they can quote for this new business as well.
"This will drive down a company's overall annual banking charges and will primarily be seen when aggressive banks bid for new credit facilities as well as foreign exchange transactions. It could potentially save businesses tens of thousands of pounds every year."
Brosnan, who is in discussions with international investors in relation to their seed round of funding, says businesses can access the platform at no cost this year provided they register their interest at TreasuryDelta.com by end of June.