17.8 C
Dublin
Friday, May 17, 2024

Irish banks’ Revolut rival Synch is delayed further

Date:

- Advertisement -

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.”

- Advertisement -

Related Articles

Barbara
Barbara
Barbara is a talented writer who has worked as a journalist for over 10 years. With years of experience in the industry, she has developed a unique voice that is both informative and engaging. Barbara is known for her ability to tackle complex subjects with ease, and her articles are always well-researched and insightful. She has a passion for uncovering the truth and presenting it in a way that is both fair and balanced. Barbara is a respected journalist who is dedicated to serving her community through her work. In her free time, she enjoys reading, travelling, and spending time with her family.

Share post:

Subscribe

Popular

More like this
Related

Guinness Brews Green Future With Massive Investment

Guinness, a leading name in the brewing industry, is...

Fuel Consumers Rally Against Impending Tax Increase

Fuel consumers are mobilizing in opposition to an impending...

Waterford’s Cutting-Edge Digital Election Platform Unveiled

Waterford's recent introduction of a cutting-edge digital election platform,...

Elon Musk’s China Visit Amid EV Competition

Elon Musk's recent presence in China, a pivotal player...