#BankTech / Irish banks plan payments rival to take on fintech entrants

A group of major Irish banks are banding together to create a payments app rivalling fintechs like Revolut.

According to The Irish Times, the system allows bank customers to transfer their funds quickly and easily between accounts.

The group of banks are open to others in the industry joining them in the new joint venture. The project is coordinated by the Banking and Payments Federation Ireland (BPFI).

The scheme could launch as early as summer 2021, with an initial focus on consumer payments.

Revolut has made waves in the Republic of Ireland. The fintech claims more than one million customers in Ireland, meaning one in four Irish adults have a card.

Revolut offers its main payments and wallet services in the country, on top of its Revolut Junior product for those aged seven-to-17.