Revolut rival Synch Payments secures Milan-based Nexi as service provider

Earlier this month, the CCPC cleared Synch Payments for development by Irish banks provided they meet a number of legally binding commitments

The development of the service is aimed at creating an industry-wide banking payments app to take on the likes of Revolut. Picture: Orla Murray.

Synch Payments has finalised a deal with European PayTech leader Nexi as the app's platform and service provider, the mobile payments firm announced today.

Earlier this month, the Competition and Consumer Protection Commission (CCPC) cleared Synch Payments for development by Irish banks, provided they meet a number of legally binding commitments.

Milan-based Nexi already has roots in the mobile payments sector. Their Jiffy platform has over 5m registered users and powers mobile payments service BANCOMAT Pay in Italy.

Synch Payments is a joint venture between AIB, Bank of Ireland, Permanent TSB and KBC.

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

The mobile payments service will be available to customers of banks and other financial institutions participating in Synch.

The app will provide consumers with instant person-to-person payments. It will also facilitate instant person-to-business payments services which can be used by online merchants on their websites, or in retail outlets through the use of QR codes, to enable customers to pay for goods and services.

Speaking today, Inez Cooper, managing director, Synch Payments said: “With CCPC approval to trade we are now moving forward and are putting in place the critical elements that will build the foundation of our payments service here in Ireland." 

"Central to this is partnering with a trusted and established PayTech leader 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."

Andrea Mencarini, cards and digital payments director, Nexi stated: “We were the first in Italy to develop and launch a P2P and P2B service via smartphone with Jiffy and today we feel really very proud of being selected by Synch and are eager to support the financial institutions and payments service providers that will join Synch, to deliver an instant mobile payment solution for Ireland. 

"This is a further, important recognition of Nexi‘s capabilities to launch innovative initiatives by leveraging our know-how, expertise and people and also contributing to accelerating the development of digital payments in Europe," he added.