Irish banks cleared to launch mobile payment service to rival Revolut

The development of the service is aimed at creating an industry-wide banking payment app to take on the likes of Revolut. 

The mobile payments service called Synch is a joint venture between AIB, Bank of Ireland, PTSB and KBC. Picture: Orla Murray

The Competition and Consumer Protection Commission (CCPC) has cleared a new mobile payment service being developed by Irish banks provided they meet a number of legally binding commitments. 

The mobile payments service called Synch is a joint venture between AIB, Bank of Ireland, PTSB and KBC.