Synch Payments, the Irish instant mobile payments provider, recently announced that it has entered into an agreement with European Paytech Nexi as its platform and service provider to help bring the Synch proposition to Irish clients.
Synch has reportedly obtained authorization from the Competition and Consumer Protection Commission (CCPC), allowing it to trade and paving the way for the firm to move its attention toward launch planning for the new app.
The appointment of a tech partner is a major milestone in this regard as the platform is a vital part of the business proposition.
As chosen provider, Nexi have demonstrated their credentials in the mobile payments industry with their Jiffy platform supporting mobile payments service BANCOMAT Pay in Italy.
Working with Nexi, Synch will provide Ireland-based banks and authorized financial institutions a service that should allow merchants to accept account-to-account payments through at point of sale and e-commerce with an intuitive mobile-only user-experience for consumers, lowering the costs and contributing to accelerating the use of virtual payments in the country.
Inez Cooper, Managing Director of Synch Payments stated:
“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. 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.”
“Since the recent CCPC announcement a week ago we have had a number of enquiries from organizations that want to join the service. It is a really exciting time and we are delighted that we will have Nexi working alongside us – ensuring that we have a trusted partner with world class credentials in digital payments. We look forward to working closely with the team at Nexi in the weeks and months ahead as we work toward our launch.”
Andrea Mencarini, Cards & Digital Payments Director at Nexi, remarked:
“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 and are eager to support the financial institutions and payments service providers that will join Synch, to deliver an instant mobile payment solution for Ireland. This is a further, 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.”
Synch, an independent corporate entity, was established in 2020 “by some of Ireland’s leading banks including AIB, Bank of Ireland, Permanent TSB and KBC.”
The ambition behind the solution is “to have an account-to-account, mobile payment solution for all payment types -to friends, family, retail or e-commerce, with a simple, instant mobile payment experience for all consumers and businesses in Ireland.”