Setback for Irish banks' plan to develop app to rival Revolut

CCPC rejected as 'invalid' the joint venture between the four firms.

Traditional Irish banks are seeing increased competition from digital rivals. Picture: iStock

Plans by four Irish banks to create a payments app to rival digital firms like Revolut has been rejected at the first hurdle.

AIB, Bank of Ireland, Permanent TSB, and KBC Bank Ireland had come together to set up a company called Synch Payments “to deliver a multi-banking payment app that will enable Irish users to send and make payments in real-time”.