Fire processes €4m in 2016, a year since spin off from Realex
Fire Financial Services is now processing over 1 million euro worth of payments every month in the twelve months since Colm Lyon sold Realex to Global Payments.
We allow business and personal customers to open payment accounts online, instantly in the case of personal customers and within 24 hours for business clients. Accounts are available in sterling and euro — each with its own IBAN or account number so customers can process bank transfers from and to any bank in the sterling or euro zone. All transfers between Fire accounts (including FX transfers) are real time.
Following the opening of our beta programme for businesses — the feedback has been really positive. Giving business customers quick and easy access to sterling and euro accounts has been central to the proposition. Business customers can also access their account data via an API which we believe will be common in the future: Integrated access to an account and its related data is another key element to banking services and we wish to be at the forefront of this.
Fire has also released a new version of the personal app — Pay with Fire. Available for iOS and Android, it allows users to “Tap, Snap or Type” their card details and load funds into their Fire account instantly. Personal customers can pay anyone using just their mobile number, and can now share requests for payments with their social groups using other apps on their phone, such as WhatsApp, Facebook Messenger, text, email etc.
We are trying to create a wonderful user experience for banking services. Customers love the simplicity of tapping their contactless card against their NFC-enabled device to load funds into their Fire account. Opening up the sharing function for payment requests is also perfect for group requests.
With this release, Fire has reached a key milestone in the creation of next generation banking services as we now have live businesses also accepting Fire as a payment method. Business customers can now use the API to request payments directly via Fire from personal customers. Several web sites (including www.calcuttaconnect.ie) are now also using Pay with Fire for online real time donations.
About our Accounts
Fire provides business and personal customers with payment accounts. The accounts are opened online, instantly in the case of personal customers and in 24 hours for business clients. Accounts are available in sterling and euro — each with its own IBAN or account number so customers can process bank transfers from and to any bank in the sterling or euro zone. Transfers between Fire accounts are real time — including FX transactions.
Fire Business Accounts:
The Fire Business Account is available on application as it is in beta.
There are no monthly or set up fees — businesses are charged on usage.
Businesses can operate accounts in sterling and euro — — supporting transfers to and from any bank in the sterling or euro zone. FX is real time and charged at 1.25%.
An API is available for businesses to build their own bespoke account applications accessing their data across multiple accounts.
Businesses can also use the API to request payments directly from personal Fire customers — online, offline, in-app using a multiplicity of media.
Fire Personal Accounts (Pay with Fire app)
The paywithfire app is available for both android and iOS.
There are no setup, monthly or transaction fees for personal customers.
Like business customers, personal customers can operate sterling and euro accounts — supporting transfers to and from any bank in the sterling or euro zone. FX is real time and charged at 1.25%.
Funds can be lodged via bank transfer (six business hours) or by card (instantly). Card top ups can be completed by tapping (NFC enabled devices) or scanning with the phone camera.
Personal customers can initiate payments via the app and also share payment requests via other apps such as what’s app, messenger, text, email, snapchat.
The app also supports the scanning of online (QR Codes) payment requests for Fire business customers.
About Colm Lyon
Colm Lyon founded Fire Financial Services Limited — regulated as a European Payments Institution — with a mission to transform banking services by launching a new payment account. Fire provides business and personal customers with accounts that are easy and quick to open. It supports credit transfers in/out in euro and sterling. Business customers and partners have access to an API to provide a deeply integrated experience. Fire is regarded as highly innovative and one of the new generation fintech providers.
Colm Lyon was also the CEO and founder of Realex Payments, a business he started in 2000. He led the business to a leading position as a one of Europe’s largest and most successful online payments businesses, processing in excess of €28 Billion per annum for 12,500 online retailers. In March 2015 Realex Payments was acquired by Global Payments in a deal valued at €115m.
Colm is actively involved in industry, chairing the Irish Internet Association for several years, a board member of the Dublin Chamber and founder of the Internet Growth Alliance and Payments Ireland and he is currently a founding director and chairman of the Fintech and Payments Association of Ireland.
Colm has won numerous awards over the year for his contribution to business and was recently appointed to the Irish Government’s International Financial Services Industry Advisory Group. In February 2016, Colm was presented with the highest award in payments — the Industry Achievement of the Year, in London at the Cards and Payments Award.
