Former Chaps CEO Tim Fitzpatrick takes on Synch Payments chairmanship

Former Chaps CEO Tim Fitzpatrick takes on Synch Payments chairmanship

Synch Payments, the Irish bank backed instant mobile account to account payments service, has appointed the former CEO of the UK's Chaps high value payment system, Tim Fitzpatrick, as chairman.

Synch is building a money-transfer app, called Yippay, on behalf of AIB, Bank of Ireland, and Permanent TSB.

The project, which is designed to help the banks take on the likes of Revolut, will offer banks and authorised financial institutions a service that will lets merchants receive account-to-account payments for POS and e-commerce transactions, with an effective “mobile-only” user-experience for shoppers.

Fitzpatrick, one of the founding directors at agricultural neobank Oxbury Bank, has a wealth of experience in the payments industry to help guide Synch towards its launch.

His previous experience includes senior executive roles in HSBC Bank as well as CEO of Chaps, and non-executive director and chair of the audit committee at Pay.Uk, which runs the UK’s retail payments operations. In a payments capacity he has also been a senior advisor to the Bank of England.

Inez Cooper, managing director of Synch Payments says of the appointment: “A highly regarded figure within the fintech and payments landscape, Tim’s appointment comes at an exciting and critical juncture for Synch as we continue to focus our attention in the weeks and months ahead on preparing to launch.

“With his extensive experience in the payments industry, in particular, Pay.UK and Chaps as well as his Fintech experience and many years of non-executive board experience, Tim will play a key leadership role in the progress of Synch.”

The appointment is the latest in a series of positive announcements for Synch Payments which recently entered into an agreement with vendor Nexi as its mobile payments platform and service provider. This deal came hard on the heels of Competition and Consumer Protection Commission (CCPC) approval - following an earlier pushback - in June of this year.

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