Ireland’s Synch Payments partners Nexi for mobile payments platform

Dublin-based Synch Payments has selected Italian paytech Nexi to power its upcoming instant mobile payments app.

Synch taps Nexi for mobile payments tech

Nexi will act as the platform and service provider for Synch’s new offering, which is being built to provide an account to account (A2A) mobile payment solution for all payment types – to friends, family, retail or e-commerce – for all consumers and businesses in Ireland.

Synch says its multi-bank payments app “will allow users to purchase goods and services both online and at stores (P2B) and to send and receive money instantly (P2P) via smartphones to and from their personal contacts”.

Founded in 2020 by some of Ireland’s leading banks, including AIB, Bank of Ireland, Permanent TSB and KBC, the independent company received authorisation from the Competition and Consumer Protection Commission (CCPC) in June enabling the firm to proceed with its plans for launch.

Synch has since wasted no time in appointing Nexi as its tech partner, adding the move is a “key milestone” as the firm looks to accelerate the use of digital payments in Ireland.

Inez Cooper, managing director of Synch, says: “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.”

Paytech heavyweight Nexi recently agreed a €180 million deal with Intesa Sanpaolo Group to purchase its merchant acquiring business in Croatia.

The firm also agreed to sell its technology businesses that power MTS (Euronext’s fixed-income trading platform) and Euronext Securities Milan to Euronext for approximately €57 million.