Four of ireland's largest banks are joining forces to create a multi-bank payments app, according to the Irish Times.
Bank of Ireland, AIB, Permanent TSB and the Irish arm of Belgian bank KBC have come together to set up Syntech Payments, a joint venture company to oversee the project. Italian outfit SIA is believed to have been hired as a technology supplier for the initiative.
Syntech this week provided notification of the venture to the Competition and Consumer Protection Commission (CCPC), which has launched a preliminary investigation into the plan under competition rules.
Trade body the Banking & Payments Federation Ireland, confirmed to the Irish Times that Syntech was connected to the planned launch of a “multi-banking payment app that will enable Irish users to send and make payments in real time”.
“This is now a matter for the CCPC and we await their determination on the application,” the BPFI told the paper.
Syntech was established in September, according to records in the Companies Registration Office.