BoI freezes work on new instant payments app

Activity on the development of Synch has been suspended since early June as the bank prioritises other IT projects instead

Francesca McDonagh: Bank of Ireland’s chief executive has presided over a €1.5 billion investment in its digital infrastructure. Picture: Fergal Phillips

Bank of Ireland has suspended internal development work on a new instant payments app that is due to launch early next year, the Business Post has learned.

Senior sources within Bank of Ireland confirmed that work on the development of the Synch payments app has been suspended since early June, as the bank prioritises other IT projects related to its own banking app and digital platforms.

Bank of Ireland said it would not resume development ...