Regulator says it must authorise the payments service
“Synch has been engaged with the Central Bank of Ireland for some time to ascertain whether authorisation would be required and welcomes the certainty that the decision brings.”
“While this additional regulatory requirement pushes out the planned market launch, once approval is in place, it will provide the additional assurance that is increasingly demanded by consumers and retailers of payment providers,” Synch said.It first emerged in January 2021 that the country’s main banks were planning to set up an instantaneous money-transfer mobile app.
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