Irish Banks Get Green Light To Launch App After Probe

By Dawood Fakhir (June 17, 2022, 2:17 PM BST) -- Ireland's competition watchdog has given local banks the go-ahead to launch a new industry-wide mobile payment system service, after the lenders approached the regulator for permission in April.

The Competition and Consumer Protection Commission gave the green light on Thursday to Allied Irish Banks PLC, the Bank of Ireland, Permanent TSB PLC and KBC Bank Ireland PLC, to set up the payments service, Synch Payments DAC, subject to a number of legally binding commitments.

These commitments include Synch having an independent board and a pledge to report annually to the watchdog.  

Synch, which was established in 2020, will now operate through a...

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