January 20, 2021

Irish banks plan payments rival to take on fintech entrants

A group of major Irish banks are banding together to create a payments app rivalling fintechs like Revolut.

One in four Irish adults have a Revolut card

Allied Irish Banks (AIB), Bank of Ireland, Permanent TSB, and KBC Bank, notified Irish regulators of their intention earlier this week.

According to The Irish Times, the system allows bank customers to transfer their funds quickly and easily between accounts.

The group of banks are open to others in the industry joining them in the new joint venture. The project is coordinated by the Banking and Payments Federation Ireland (BPFI).

The BPFI told The Irish Times of the new company named, “Syntech Payments DAC”, which has launched to create a “multi-banking payment app”.

The scheme could launch as early as summer 2021, with an initial focus on consumer payments.

Revolut has made waves in the Republic of Ireland. The fintech claims more than one million customers in Ireland, meaning one in four Irish adults have a card.

Revolut offers its main payments and wallet services in the country, on top of its Revolut Junior product for those aged seven-to-17.

The fintech revealed this week it has applied for a UK banking licence.

Related: Central Bank of Ireland urges firms to contact UK banks over Brexit