Nexi to power Synch Payments Ireland’s first instant mobile payment service

By Joy Dumasia

Synch Payments, the Irish instant mobile payments provider, has agreed with the European PayTech Nexi as its platform and service provider to help bring the Synch proposition to Irish customers and merchants. Synch recently secured authorization from the Competition and Consumer Protection Commission (CCPC), clearing it to trade and paving the way for the company to move its attention fully toward launch planning for the new app. 

The appointment of a technology partner is a key milestone as the platform and service provider is an essential part of the business proposition. As a selected provider, Nexi has already demonstrated its credentials in the mobile payments sector with its highly regarded Jiffy platform powering mobile payments service BANCOMAT Pay in Italy. 

Working with Nexi, Synch will offer Irish-based banks and authorized financial institutions an innovative service that will enable merchants to receive an account to account payments at the point of sale and e-commerce with an effective “mobile-only” user experience for consumers, reducing the overall costs and contributing to further accelerating the use of digital payments in Ireland. 

Inez Cooper, Managing Director of Synch Payments, said: “With CCPC approval to trade, we are now moving forward and are putting in place the critical elements that will build the foundation of our payments service here in Ireland. Central to this is partnering with a trusted and established PayTech leader who will bring their experience, innovation, and proven track record on service to the Irish market for the benefit of Irish consumers and merchants as well as all payment service providers that are licensed to join the service. 

“Since the recent CCPC announcement a week ago, we have had increased number of inquiries from organizations that want to join the service. It is a really exciting time, and we are delighted that we will have Nexi working alongside us, ensuring that we have a trusted partner with world-class credentials in digital payments. We look forward to working closely with the team at Nexi in the weeks and months ahead as we work toward our launch.” 

Andrea Mencarini, Cards & Digital Payments Director at Nexi, stated: “We were the first in Italy to develop and launch a P2P and P2B service via smartphone with Jiffy and today we feel really very proud of being selected by Synch and are eager to support the financial institutions and payments service providers that will join Synch, to deliver an instant mobile payment solution for Ireland. This is a further important recognition of Nexi’s capabilities to launch innovative initiatives by leveraging our know-how, expertise and people and also contributing to accelerating the development of digital payments in Europe.”

IBS Intelligence recently reported that Nexi and Piteco, an Italian software house providing corporate treasury management and financial planning solutions, sign a partnership enabling large corporations and SMEs to have a new digital payment solution at their disposal.