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Technology

  • One of the key reasons for the rapid development of the IFSC has been the availability of high quality technology companies who can provide the technical infrastructure required by international financial services.
  • The administration of life insurance policies, the processing of cross border payments, and the protection of confidential data are just some of the areas where technology plays a key role.
  • Many of the international firms that have located in Ireland have chose to establish relatively small proprietary operations that focus on the knowledge intensive aspects of their business such as risk management and product development, and have used dedicated out-sourcing providers to carry out routine tasks. As a result, the real benefit of the IFSC to the Irish economy can be understated by ignoring firms who rely entirely on the IFSC for their business, and whose employees deal exclusively with consumers in international markets.
  • The major Irish and international consultancy and outsourcing providers are also active, with Capita, Oracle, Accenture, System Dynamics and SAP all maintaining substantial IFS activities.
  • A related trend has been the growth in international financial services firms choosing Ireland as a location for their group technology facilities, such as , Fidelity Investments and Axa Global Distributors.
  • Other technology firms are also operate in finance related areas, e.g. the provision of network performance analysis by Corvil specifically targets financial institutions aiming to optimise trading networks.
  • It is difficult to avoid double counting some of the employment in this area, but as a conservative estimate at least 3,000 people would appear to work in areas that rely entirely on the IFSC and whose jobs involve providing services into the global market place.
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