Irish banks reveal plan to develop payments app to rival Revolut

AIB, Bank of Ireland, Permanent TSB, and KBC Bank Ireland set up Synch Payments 'to deliver multi-banking payment app that will enable Irish users to send and make payments in real-time'

Revolut revealed major plans for expansion by asking UK regulators for a full banking licence there.

Four Irish banks have been developing a secret plan for a payments app to take on digital upstarts, including Revolut, that could threaten their future.

The venture brings together AIB, Bank of Ireland, Permanent TSB, and KBC Bank Ireland and was only revealed as the lenders sought approval from the watchdog, the Competition and Consumer Protection Commission.