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.

It had received approval from the competition authority in 2022 but it has been hit by numerous delays, the most recent of which came in July.

However, in a statement published on its site, Synch said it had come to the decision “following careful and considered review of its business plan” that it is “no longer feasible to launch its payments app, Yippay, into the Irish market and Synch will cease operations".

The company said a “combination of factors” contributed to an elongated timeframe to launch which makes the original Synch proposition "no longer viable".

In July, the company said that it required approvals under EU payment regulations to proceed and needed to submit an application to the Central Bank for authorisation as an Account Information Services Provider (AISP) and as a Payment Initiation Service Provider (PISP) with a view to enter the market next year.