Established in 2020 by AIB, Bank of Ireland, Permanent TSB, and KBC Bank, Synch Payments had plans to develop a digital payments app to compete with Revolut. However, the launch of this app by Ireland’s major banks has faced further delays.
Synch Payments has recently confirmed that it has been notified by the Central Bank of Ireland that it must obtain regulatory approval before it can proceed with the launch.
The purpose of Synch Payments, founded by AIB, Bank of Ireland, Permanent TSB, and KBC, was to create a mobile payment app catering to both consumers and businesses throughout Ireland. Although KBC has decided to withdraw from the Irish banking market, the plans for the app are still progressing.
While the company received approval from Ireland’s competition authority last year, it has now become apparent that it also needs approval under the payment regulations of the European Union.
A spokesperson for Synch Payments stated, “Synch intends to promptly submit an application to the Central Bank to seek authorization as an Account Information Services Provider (AISP) and as a Payment Initiation Service Provider (PISP), aiming for Synch to enter the market in the coming year. Although this additional regulatory requirement may delay the planned market launch, once approval is obtained, it will provide the additional assurance that is increasingly demanded by consumers and retailers from payment providers. Synch remains committed to introducing its innovative and user-friendly app to the market as soon as possible.”
