Escher's new contract to supply Permanent TSB with an updated payment services system across its retail network is worth in excess of $1 million (€920,000) to the Dublin-based software group.

The contract marked a departure for Escher, which is better known as a supplier of financial services software to postal companies.

Chief executive Liam Church said the PTSB contract presented "new and tangible growth opportunities" for the business within the FinTech sector. He was speaking after the group's AGM in Dublin

" Building on our market- leading software platform and our experience working with some of the world's largest financial service providers, including United States Postal Service, Malaysia Post, Saudi Post and An Post, we have evolved our core technology platform and are now targeting other markets including banking."

Escher’s PTSB project, which began earlier this month, will see its RiposteEssential financial services and payments system rolled out across the bank’s 76-strong branch network, which serve up to a million customers. Escher saw revenue drop 15 per cent to $21.1 million last year. EOIN BURKE-KENNEDY