Irish banks behind Synch seek to avoid Central Bank authorisation

Fintech, designed to rival Revolut, is seeking to bypass lengthy regulatory processes

Synch received CCPC approval last year but its launch has been delayed. Picture: Getty

Filings by Synch, the mobile payments app backed by AIB, Bank of Ireland and Permanent TSB, to the Companies Registration Office, have shown that it is seeking to bypass authorisation by the Central Bank of Ireland.

The Dublin-headquartered fintech, which is designed to be a rival to Revolut, was informed by the Central Bank this summer that its existing business plan required authorisation as both an account information service provider and as a payment initiation ...