Bank-backed Irish payments app faces more delays

News

See Headlines >>

Synch Payments, the mobile payments joint venture set up by Ireland’s leading banks, will not launch until at least next year after being told it needs approval under EU rules.

The joint venture says it has been told by Ireland’s central bank that it needs “regulatory approval pursuant to the European Union Payments Services Regulation 2018” before it can launch.

The firm says it “welcomes the certainty” and will make an application as soon as possible “with a view to Synch entering the market next year”.

Synch is building a money-transfer app, called Yippay, on behalf of AIB, Bank of Ireland, KBC Ireland and Permanent TSB to help the banks take on the likes of Revolut.

It will offer banks and authorised financial institutions a service that will lets merchants receive account-to-account payments for POS and e-commerce transactions, with an effective “mobile-only” user-experience for shoppers.

Last summer the project was given the all-clear by Ireland’s Competition & Consumer Protection Commission and brought in Italy’s Nexi as its technology partner.

Related Companies

Central Bank of Ireland
Synch Payments

Lead Channel

Payments

Channels

Retail banking

Keywords

E-commerce

Eftpos

Comments: (0)

Join the discussion

Write a blog post about this story (membership required)

[New Report] From Cloud to Multicloud, Pathway to Resilience

Research

See all reports >>

Why Everything-as-a-Service (XaaS) will define the next era of banking

4 downloads

Can FIs lead the World's ESG charge with Pioneering and Transparent Data Visualisation?

5 downloads

60 downloads

Post Disclaimer

The information provided in our posts or blogs are for educational and informative purposes only. We do not guarantee the accuracy, completeness or suitability of the information. We do not provide financial or investment advice. Readers should always seek professional advice before making any financial or investment decisions based on the information provided in our content. We will not be held responsible for any losses, damages or consequences that may arise from relying on the information provided in our content.