Irish banks consider new business model for Synch payments app to avoid Central Bank approval process

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Synch is backed by AIB, Bank of Ireland and Permanent TSB and was being designed as a mobile payments app to rival Revolut

The Irish banks behind the Synch mobile payments app are considering a new business model to avoid having to go through the Central Bank of Ireland's approval process.The banks behind the Synch mobile payments app that is designed to rival Revolut have said they are “exploring alternative” options or business models to bring the project to market in order to avoid having to go through Central Bank of Ireland authorisation.

Synch, whose shareholders are AIB, Bank of Ireland and Permanent TSB, said in July that it had been informed by the Central Bank that its existing business plan required authorisation as an account information services provider and as a payment initiation service provider . It is believed that the decision to explore different options was down to the onerous process that would be involved in securing Central Bank authorisation.

“Despite this fundamental change to the original business operating model, the directors consider the use of the going concern basis of accounting in the preparation of the financial statements as being appropriate,” Synch said in its latest annual financial statements, filed with the Companies Registration Office on Tuesday.

 

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