Yippays put on hold: Revolut’s Irish rival will not arrive until 2023 at earliest

Synch, the shared payments system devised by Irish banks, has received competition clearance but there is no timeline yet for launch of its app, which is to be known as Yippay

Eamonn Crowley (right), chief executive of Permanent TSB, and Ronan O’Neill, senior independent director, at last week’s Annual General Meeting of Permanent TSB Group Holdings. Picture: Fergal Phillips

Synch, the proposed shared payments system established by Irish banks in an attempt to counter competition from the likes of Revolut, will not be available to customers until the beginning of next year at the earliest, the Business Post understands.

The joint venture received competition clearance, subject to certain conditions, earlier this month following an investigation by the Competition and Consumer Protection Commission (CCPC). The approval cleared the way for the banks’ plans to proceed, ...