Traditional retail banks in Ireland are developing their own payments app.
The project has just been approved by the Competition & Consumer Protection Commission (CCPC).
The money transfer app Yippay was developed by a joint venture called Synch Payments.
This includes AIB, Bank of Ireland, KBC Ireland and Permanent TSB.
What does this mean?
Synch Payments has set out criteria for banks to get involved in the service, which means it’s been approved by the CCPC following a previous refusal. The service will be interoperable so that companies can embed its functions into its own apps.