M/21/004 – AIB/BoI/PTSB – Synch Payments JV

Transaction details

The proposed transaction whereby a joint venture between Allied Irish Banks, P.L.C.; the Governor and Company of the Bank of Ireland; Permanent TSB P.L.C. and KBC Bank Ireland P.L.C. will be created for the purpose of implementing a new industry-wide mobile payment system service, Synch Payments DAC, has been cleared by the Competition and Consumer Protection Commission, subject to legally binding commitments.

Notification date Decision date
Thursday April 8, 2021
Parties Involved Business activities
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.

Economic sector Media merger
Financial and Insurance Services No
Submissions from third parties due by:
Phase 1 Phase 2
Thursday, April 22, 2021 Wednesday, January 5, 2022
Date of Requirement for Information Date Information Received
Wednesday, May 19, 2021 Friday, October 29, 2021
Current status: Completed
Cleared (Phase 2)
Authorised Officer Assigned Contact Details
Lucy Roche

Email: lucyroche@ccpc.ie
Tel: 087 3745833

Media enquiries: communications@ccpc.ie

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