A MULTI-BANKING app that allows users to send and make immediate payments, similar to services like Revolut, is in the process of being set up.

The proposed joint venture between AIB, Bank of Ireland, Permanent TSB and KBC Bank Ireland was notified to the Competition and Consumer Protection Commission (CCPC) last Friday. 

A spokesperson for the Banking and Payments Federation Ireland (BPFI) confirmed the creation of a new company called Synch Payments DAC.

A BPFI spokesperson said the aim of the company is to “deliver a multi-banking payment app that will enable Irish users to send and make payments in real time”.

“This is now a matter for the CCPC and we await their determination on the application that was made last week.”

The Irish Times first reported yesterday that the banks plan to join together to create the new mobile payment system. 

A CCPC spokesperson said: “The proposed joint venture is to set up a new mobile payment system.

“The CCPC has commenced an initial Phase 1 examination of the proposed transaction.”

The CCPC merger notification said the project would involve an industry-wide mobile payment system that can be used by all financial institutions in the country, subject to licensing terms. 

Fintech, businesses that use technology to enhance financial services, like Revolut and N26 have been active in Ireland for several years now with mobile-first digital banking products.