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.
Working with Nexi, Synch will offer Irish based banks and authorised financial institutions a new service that will enable merchants to receive account-to-account payments at the point of sale and ecommerce with a mobile-only user-experience for consumers, reducing the overall costs and contributing to further accelerating the use of digital payments in Ireland.
Synch’s officials stated that with the CCPC approval to trade they are now moving forward and putting in place the critical elements that will build the foundation of their payments service in Ireland. Central to this is partnering with a trusted and established PayTech who will bring their experience, innovation, and proven track record on service to the Irish market for the benefit of Irish consumers and merchants, as well as all payment service providers that are licensed to join the service.
Synch was established in 2020 by some of Ireland’s banks including AIB, Bank of Ireland, Permanent TSB, and KBC. The ambition behind the solution is to have an account-to-account, mobile payment solution for all payment types, to friends, family, retail or ecommerce, with an instant mobile payment experience for all consumers and businesses in Ireland.
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