Plans by Ireland’s main banks for a digital payments app to rival Revolut have been delayed again.
Synch Payments confirmed that it has been informed by the Central Bank of Ireland that it needs regulatory approval before it can launch.
Synch was established in 2020 by AIB, Bank of Ireland, Permanent TSB and KBC to create a mobile payment app for all consumers and businesses in Ireland. While KBC has decided to exit the Irish banking market, plans for the app are continuing.
It received approval from Ireland’s competition authority last year but the company confirmed that it also requires approval under EU payment regulations.
“Synch intends to submit an application to the Central Bank for authorisation as an Account Information Services Provider (AISP) and as a Payment Initiation Service Provider (PISP) as soon as possible with a view to Synch entering the market next year,” a spokesperson for the company said.
“While this additional regulatory requirement pushes out the planned market launch, once approval is in place, it will provide the additional assurance that is increasingly demanded by consumers and retailers of payment providers. Synch remains focused on bringing its innovative and simple to use app to market as soon as possible.”
