The Irish banks’ rival to the popular payments app Revolut is facing further obstacles as it has been informed that it requires clearance under EU regulations. Synch Payments, the firm behind the initiative, announced on Thursday that the Central Bank of Ireland has informed them of the need for “regulatory approval pursuant to the European Union Payments Services Regulation 2018” before the app can be used. Synch Payments has been working with the Central Bank for some time and welcomes the decision, stating that it intends to submit an application for authorization as soon as possible with the aim of launching in the market next year. The app, called Yippay, is being coordinated by Banking and Payments Federation Ireland, with Italian firm FinTech providing the technology. Synch Payments aims to offer a real-time payment app to compete with challenger banks such as Revolut, Zumo, Bunq, and N26. The retail banks in Ireland are concerned that if these challenger banks continue to gain market share in payments, they could potentially expand their customer base for future financial services. Revolut currently has around two million customers in Ireland. Although the regulatory requirement will delay the launch of Synch Payments, the company remains committed to bringing their innovative and user-friendly app to the market as soon as possible.
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