Leeside launch for R&D project

A financial risk and performance management solutions company for the banking industry recently announced a significant new R&D project in Cork.

Empyrean Solutions’ new project will leverage advanced AI and machine learning techniques to deliver solutions that measure financial risk and provide insight into financial performance across several risk disciplines including financial planning, credit loss estimation, loan behaviour analysis, and finance persona-based insights.

These advancements will be integrated into the Empyrean platform for banks and credit unions.

Minister of Enterprise, Tourism & Employment, Peter Burke TD, said: “Empyrean’s expansion in Cork is an excellent example of the type of advanced, knowledge-intensive project we want to attract and grow in Ireland.

“By supporting R&D that strengthens productivity and innovation, we are building long-term competitiveness for our economy.”

Empyrean launched its operations in Ireland in 2018.

To accommodate growth and recent commitments to R&D, Empyrean’s new office is on Lavitt’s Quay, in Cork city.

Paul Leahy, Managing Director of Empyrean Ireland, said: “By combining advanced AI and machine learning with our financial risk and performance platform, we’re equipping finance leaders with the tools they need to operate with greater insight and confidence in an increasingly complex regulatory environment.”

He added: “We’re grateful for the support of IDA Ireland and the Irish Government as we build solutions that will make an impact for banks and credit unions.”

CEO of IDA Ireland, Michael Lohan, said: “IDA Ireland is pleased to support Empyrean Solutions as it develops next-generation AI and machine learning capabilities in Cork.”