NoRegretsCoyote
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A plan by Irish retail banks to launch a money-transfer app to rival Revolut and N26 has hit another hurdle as the Central Bank has now informed them that service must be authorised by the regulator.
Synch Payments, the company behind the banks’ joint venture, said that it will be next year before the service is launched.
I don’t know why Irish banks are so slow on instant payments for normal credit transfers.Why they haven't scrapped this rediculous idea, and just adopted SEPA Instant, like most other European Banks, is beyond me.
I think that the link should be as follows, but it's paywalled anyway.@NoRegretsCoyote the link doesn't work in your post.
Seems a long time for Central Bank to authorise an app?
It is far too late. If they had done this before Revolut got big here it could have worked and stopped Revolut getting the foothold it did. But now it really doesn't have much of a chance. If you have Revolut, why would you sign up for this? What does it offer over Revolut? From what I can see, nothing. If you don't have Revolut, why would you sign up for this instead of Revolut? Everyone and they're bloody dog is on Revolut so for easy payments to people Revolut is the better option.I don’t know why Irish banks are so slow on instant payments for normal credit transfers.
The project above is I assume designed to work by way of integration into the apps of BoI, AIB, and ptsb. It’s something they should’ve done a decade ago but the cost-cutting across the industry then the exit of Ulster and KBC probably didn’t help this kind of project .
In the meantime half the country is using Revolut for instant payments and the legacy three will find it hard to catch up.
I agree the apps leave a lot to be desired compared to Revolut, N26, etc. Instant payments in SEPA are likely to become legally the default in the next few years and it's bizarre that Irish banks are so behind.If they want to take on Revolut, they should really focus on stopping people switching to Revolut for day to day banking. They still have a chance at that. Make their apps good, introduce SEPA instant, reduce fees, etc
Thanks, none the wiser as to why approval would take until next year. Or are Synch using this as an excuse for slow rollout.This one isn't paywalled at the moment...
More delays for Synch, Irish banks’ rival to Revolut
More problems have beset a rival to payments app Revolut being set up by Irish banks, after the firm behind the initiative has been told it needs clearance under EU rules.www.independent.ie
I am the same as you. I don't use Revolut for my day to day banking but I do use it for day to day spending spending. Wages, rent, bills, savings are all with legacy banks. I considered going to Revolut for day to day banking but too many horror stories of accounts getting blocked put me off.I agree the apps leave a lot to be desired compared to Revolut, N26, etc. Instant payments in SEPA are likely to become legally the default in the next few years and it's bizarre that Irish banks are so behind.
I use Revolut as a wallet but at personal level there is simplicity in having a single bank account however and ability to make instant transfers to other Irish account holders via app would be a help. If it's done well it should support instant payments via QR as well. There are a few use cases for this, in particular merchants with occasional use or low turnover who don't want to deal with cash. Think sporting events, farmers' markets, takeaway trucks, charity collections, etc, where they don't want to cost and hassle of a card terminal. You have a QR code and the customer scans it, keys in the amount, and shows you the confirmation.
Anyway I hope they get this right as it could be a very nice feature.
I think the vast majority of Irish adults with any material wealth still have a depository relationship with BoI, AIB, and ptsb. I do for various reasons and won't be changing any time soon. So I think once Synch has decent functionality it will get users simply by virtue of this.So it's hard to see what the customer base for this integrated payments app might be.
Any bank operating here should be allowed to.Heard rumours that revolut have asked to be part of this...
Not sure you are right about the plastic cards. Seems payment apps in their present form were overhyped and using them isn't any easier or faster than contactless payments with plastic. Seems fewer people are using them now than two years ago.cash is dying on its feet and carrying around pieces of plastic seem a bit 20thC as well. Pa
SEPA Instant would be more attractive for punters such as yourself, as it wouldn't require yet another app.I think the vast majority of Irish adults with any material wealth still have a depository relationship with BoI, AIB, and ptsb. I do for various reasons and won't be changing any time soon. So I think once Synch has decent functionality it will get users simply by virtue of this.
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