Synch is backed by AIB, Bank of Ireland and Permanent TSB and was being designed as a mobile payments app to rival Revolut
The Irish banks behind the Synch mobile payments app are considering a new business model to avoid having to go through the Central Bank of Ireland's approval process.The banks behind the Synch mobile payments app that is designed to rival Revolut have said they are “exploring alternative” options or business models to bring the project to market in order to avoid having to go through Central Bank of Ireland authorisation.
Synch, whose shareholders are AIB, Bank of Ireland and Permanent TSB, said in July that it had been informed by the Central Bank that its existing business plan required authorisation as an account information services provider and as a payment initiation service provider . It is believed that the decision to explore different options was down to the onerous process that would be involved in securing Central Bank authorisation.
“Despite this fundamental change to the original business operating model, the directors consider the use of the going concern basis of accounting in the preparation of the financial statements as being appropriate,” Synch said in its latest annual financial statements, filed with the Companies Registration Office on Tuesday.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global trading weak as investors gear up for central bank meetingsIt was a weak day of trading across the board on Monday, with traders saying Ireland’s stock market was comparatively weaker than Europe.
Read more »
Coalition’s budget package likely to stoke inflation, warns Central BankRegulator also downgrades growth forecast for economy on back of capacity constraints and tougher monetary conditions
Read more »
Domestic capacity constraints to restrict economic growth, Central Bank warnsRegulator says capacity constraints in employment and housing point to moderate growth outlook
Read more »
Central Bank forecasts ‘uneven’ road to lower inflationBank cautioned government against over-stimulating economy in October’s budget, warning curbing inflation will depend on containing domestic demand
Read more »
Central Bank warning, Dublin house prices slide and getting the most out of your savingsBusiness Today: the best news, analysis and comment from The Irish Times business desk
Read more »
Your Morning Briefing: Spinal surgeon operated after issues first raised, Central Bank warns on inflationary budgetMore than 300,000 expected at the National Ploughing Championships, women footballers take dim view of FAI cap presentation and weather warning in place for west and south
Read more »