Synch Payments, the Revolut rival from Irish banks, is hoping Tim Fitzpatrick’s 25 years of experience at HSBC will steer it through its upcoming Irish launch.
Synch Payments has appointed Tim Fitzpatrick as chairperson of its board.
Fitzpatrick has held many leadership roles in the financial sector, including senior executive positions at HSBC Bank over a 25-year career. He was also a senior adviser to the Bank of England.
Synch Payments is the mobile payments app venture launched by several Irish banks, including AIB, Bank of Ireland and Permanent TSB. Its aim is to provide a more digital-friendly banking service to customers and take on neobank rivals such as Revolut and N26.
Synch Payments was recently given the go-ahead by Ireland’s Competition and Consumer Protection Commission (CCPC). The Irish competition watchdog launched an investigation into Synch Payments last December to ascertain whether it would lessen competition in the Irish market.
In June, the CCPC approved the operation’s launch, with certain conditions. Synch recently opted for Italian company Nexi as its platform and service tech provider, paving the way for the launch of its payments app, which is understood to be called Yippay.
The appointment of a new chair is also expected to help the company as it prepares for launch.
Until recently, Fitzpatrick was a non-executive director and chair of the audit committee at Pay.UK, which runs the UK’s retail payments operations.
“This is a very interesting time for Synch as it looks to launch an industry-wide mobile instant payment service, revolutionising the mobile payments sector in Ireland and delivering greater efficiencies for consumers and businesses,” Fitzpatrick said.
He added that he would leverage his many years of experience within the payments industry to work with his fellow board members and Synch Payments’ senior management team to steer the company “through this next exciting phase”.
Inez Cooper, managing director of the company, said Fitzpatrick’s appointment comes “at an exciting and critical juncture for Synch” as it focuses on preparing to launch in the months ahead.
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