Plans by Irish banks for payments app put to full probe by regulator   

The full investigation into the banks' plans for the app will not be taken lightly.
Plans by Irish banks for payments app put to full probe by regulator   

Many Irish consumers now do their banking via online apps.

Plans by Irish banks to develop a banking payments app designed to take on rivals such as Revolut now faces a full probe by the Competition and Consumer Protection Commission (CCPC). 

The competition regulator has put the plan by AIB, Bank of Ireland, Permanent TSB, and KBC to a so-called phase two investigation to develop the app. 

Following an extended preliminary investigation, the CCPC has determined that a full investigation is required in order to establish if the proposed transaction could lead to a substantial lessening of competition in the State," the regulator said. 

The full investigation into the plans for the app will not be taken lightly by the banks.

The CCPC in October launched a full probe into the plans by KBC to transfer loans to Bank of Ireland as the Belgian-owned lender prepares to exit the Republic.

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