Irish banks club together with new digital service to counter Revolut threat Bank of Ireland, AIB, Permanent TSB and the Irish arm of Belgian bank KBC have come together to set up Syntech Payments to launch a digital app
Mon, Jan 11, 2021, 20:40 Updated: Mon, Jan 11, 2021, 20:44
Four of the biggest banks operating in the Irish market are joining forces to launch an instantaneous digital payments app that they hope will help them fend off the threat posed by new payments platforms, such as Revolut.
AIB, Bank of Ireland, Permanent TSB and the Irish arm of Belgian bank KBC have come together to set up Synch Payments, a joint venture company to oversee the project. Ulster Bank, whose future in the Irish market has been cast into doubt recently, is not involved in the project.