After being informed that it requires clearance under EU regulations, Synch Payments, the mobile payments joint venture established by Ireland’s top banks, won’t start until at least next year.
The joint venture claims that the Irish central bank has informed it that in order to begin operations, it must first receive “regulatory approval pursuant to the European Union Payments Services Regulation 2018”. With “a view to Synch entering the market next year,” the company said it “welcomes the certainty” and will submit an application as soon as feasible.
To compete with Revolut, Synch is creating the money-transfer app Yippay on behalf of AIB, Bank of Ireland, KBC Ireland, and Permanent TSB.
