Synch Payments, the joint venture behind a proposed mobile payments platform undertaken by some of Ireland's retail banks, has entered into an agreement with Italian payments technology company Nexi to run its app
Snych recently secured authorisation from the Competition and Consumer Protection Commission following a lengthy assessment process and has now turned its attention towards planning for the launch of its app, which it hopes will rival Revolut.
The appointment of Nexi, which created Bancomat Pay's Jiffy mobile payments platform, as technology partner as the platform and service provider is a key milestone in the development of Synch's business proposition, according to the company.
Synch aims for the app, which will be named Yippay, will to be an instant account-to-account mobile payment solution for consumers and businesses that also works for point of sale and e-commerce transactions.
It was reported at the weekend that Yippay will not be available until next year at the earliest despite first being proposed two years ago. Synch was founded by AIB, Bank of Ireland, Permanent TSB, and KBC Bank Ireland, which will pull out when it exits the Irish market.
In Association with
"With CCPC approval to trade we are now moving forward and are putting in place the critical elements that will build the foundation of our payments service here in Ireland," said Inez Cooper, managing director of Synch Payments.
"Central to this is partnering with a trusted and established PayTech leader who will bring their experience, innovation and proven track record on service to the Irish market for the benefit of Irish consumers and merchants – as well as all payment service providers that are licensed to join the service."
Andrea Mencarini, cards & digital payments director at Nexi, stated “We were the first in Italy to develop and launch a P2P and P2B service via smartphone with Jiffy, and today we feel really very proud of being selected by Synch.
"This is an important recognition of Nexi‘s capabilities to launch innovative initiatives by leveraging our know-how, expertise and people and also contributing to accelerating the development of digital payments in Europe.”
(Pic: Getty Images)
