4 Irish banks band together to launch digital app – The Irish Times

Bank of Ireland Group PLC, Permanent TSB PLC, AIB Group PLC and KBC Bank Ireland PLC, the Irish unit of Belgium-based KBC Group NV, joined together to launch a digital payments app that will compete against new payments platforms emerging in Ireland, The Irish Times reported.

Syntech Payments has applied its business to the Competition and Consumer Protection Commission, which has initiated a probe into its venture. The Companies Registration Office's records show that Syntech was set up in September 2020, but documents were not clear in confirming on whether the lenders' shareholdings were allocated on a pro rata basis according to their market size or have an equal stake in the platform.

The Banking and Payments Federation Ireland, or BPFI, said Syntech is involved in the launch of a real-time payment app, according to the report.

Syntech's directors include BPFI's corporate services director, Ann Smith, and cards and payments sector specialist, Inez Cooper.

Challenger banks and financial technology platforms such as Germany-based N26 GmbH, as well as Monzo Bank Ltd. and its British peer Revolut Ltd., have challenged the card and payments operations of traditional lenders with their presence in the country, according to The Irish Times.