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Irish banks have abandoned plans to launch a mobile payments app in the face of regulatory holdups and a rapidly changing payments landscape

16 noiembrie 2023

Synch Payments DAC, the Irish instant mobile account to account payments service, today announced that „following a careful and considered review of its business plan it has reached the difficult decision that it is no longer feasible to launch its payments app, Yippay, into the Irish market and Synch will cease operations”.

„A combination of factors has contributed to an elongated timeframe to launch which makes the original Synch proposition no longer viable.” according to the press release.

Synch was established in 2020 by some of Ireland’s leading banks with the intention of bringing a simple, industry wide mobile instant payment service to the market for all payment types, based on an innovative digital solution.

Synch was tasked with building a money-transfer app, called Yippay, on behalf of AIB, Bank of Ireland, and Permanent TSB to help the banks take on the likes of Revolut.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?