Irish banks' proposed rival to Revolut ceases operations

Synch was established in 2020 by AIB, Bank of Ireland, Permanent TSB and KBC with the aim to create a mobile payment app to take on Revolut. 

The Irish banks’ proposed alternative to Revolut, Synch Payments, has ceased operations following numerous delays and a review of its business plan.

Synch was established in 2020 by AIB, Bank of Ireland, Permanent TSB and KBC who were looking to create a mobile payment app for all consumers and businesses in Ireland. ​Plans for the app continued even after KBC had decided to leave the Irish market.