Synch payments platform gets green light from competition watchdog

Joint venture mobile payments app proposed by traditional Irish banks initially delayed amid competition fears

Synch and its founders must report to CCPC every year to ensure they are complying with binding conditions on which approval was based. Picture: Getty

The mobile-based payments system proposed by traditional Irish banks in response to rising rivals such as Revolut has been approved by the Competition and Consumer Protection Commission (CCPC) subject to certain conditions.

Synch Payments and its corresponding app, called Yippay, is the product of a joint venture between AIB, Bank of Ireland, Permanent TSB and KBC Bank, and will allow instant person-to-person payments. It will also facilitate people to make instant payments to businesses either ...