Irish banks’ Revolut rival app to be run on Italian technology

Synch Payments has signed an agreement with Milan-based Nexi

Synch Payments, the Irish instant mobile payments provider being developed by Irish banks, confirmed on Thursday that its platform will be run on Italian technology.

Synch said it had entered into an agreement with the European PayTech leader Nexi, based in Milan, as its platform and service provider to help bring the Synch proposition to Irish customers and merchants.

Nexi acquired fellow Italian fintech Sia late last year. The Irish Times reported in January 2021 that Sia had been selected to provide the technology for Synch Payments.

Synch recently secured authorisation from the Competition and Consumer Protection Commission (CCPC), essentially clearing it to trade and paving the way for the company to move its attention fully toward launch planning for the new app to take on the likes of Revolut and N26.

“The appointment of a technology partner is a key milestone in this regard as the platform and service provider is an essential part of the business proposition,” said Synch. “As selected provider, Nexi have already demonstrated their credentials in the mobile payments sector with their highly regarded Jiffy platform powering mobile payments service Bancomat Pay in Italy.” Jiffy was developed by Sia.

Synch’s founding shareholders are AIB, Bank of Ireland, Permanent TSB and KBC Bank Ireland. KBC has said it will exit the joint venture “at the appropriate time” as the Belgian-owned lender is in the process of retreating from the Irish market.

While there had been an expectation that Synch would launch the app – which is to be called Yippay – as soon as the fourth quarter of this year, it was reported over the weekend that it will not be available until the beginning of 2023 at the earliest.

Joe Brennan

Joe Brennan

Joe Brennan is Markets Correspondent of The Irish Times