AIB/BoI/PTSB – Synch Payments JV

• Notification date:7 April 2021
• Publication date:7 April 2021
• Economic sector:Financial and insurance services - L
• Economic sub-sector:Financial and insurance support - L.66
• Request for information:Yes
• Outcome:Cleared with proposals

Synch Payments DAC

Synch Payments DAC, a new joint venture company, will create a new industry wide open payment service in the State that can be used, subject to the joint venture licensing terms, by all financial institutions (including consortia of smaller financial institutions) that issue Euro-denominated IBANs to Irish customers. The founding shareholders of Synch Payments DAC are Allied Irish Banks P.L.C, Bank of Ireland, Permanent TSB P.L.C and KBC Bank Ireland P.L.C.

Allied Irish Banks P.L.C

Allied Irish Banks P.L.C. ("AIB") is a financial services group operating predominately in the State and the United Kingdom. AIB provides a range of services to personal, business and corporate customers.

Bank of Ireland

Bank of Ireland is a financial services group providing a broad range of banking and other financial services with offices in the State, the United Kingdom, the United States of America, Germany, France and Spain.

Permanent TSB P.L.C

Permanent TSB P.L.C is a financial services group with a focus on personal and small business customers.