Synch Payments, the Irish bank-backed instant mobile account-to-account payment service, has appointed Tim Fitzpatrick, the former CEO of the UK’s Chaps high-value payment system, as chairman.
Synch is developing a money-transfer app called Yippay for AIB, Bank of Ireland, and Permanent TSB. This initiative aims to enable these banks to compete with services like Revolut by providing a platform that allows merchants to receive account-to-account payments for point-of-sale and e-commerce transactions, delivering a user-friendly “mobile-only” experience for shoppers.
Fitzpatrick brings extensive experience in the payments sector to guide Synch towards its launch, having served in senior roles at HSBC Bank and as CEO of Chaps. He was also a non-executive director and chairman of the audit committee at Pay.UK, which manages the UK’s retail payments operations. Additionally, he has acted as a senior advisor to the Bank of England in a payments capacity.
Inez Cooper, managing director of Synch Payments, expressed enthusiasm about Fitzpatrick’s appointment: “Tim’s appointment comes at an exciting and critical juncture for Synch as we enhance our focus on preparing for launch. His extensive experience in the payments industry, particularly with Pay.UK and Chaps, along with his Fintech background and years of non-executive board experience, will be invaluable in steering Synch forward.”
This appointment follows a series of positive developments for Synch Payments, including a recent agreement with vendor Nexi to act as its mobile payments platform and service provider. This partnership was made possible after receiving approval from the Competition and Consumer Protection Commission (CCPC) in June of this year, following earlier discussions.
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