Breaking-Finance.Com - Ireland's competition watchdog has rejected a plan by four of the country's biggest banks to create a joint payments app, but says it is willing to "further engage" on the issue. Earlier this month Bank of Ireland, AIB, Permanent TSB and the Irish arm of Belgian bank KBC outlined plans to set up Syntech Payments, a joint venture company to oversee the project, which is designed to take on the likes of Revolut.

.Explaining its decision, the CCPC says the "notifying parties have not provided full details of the proposed transaction as required," and so it has "been unable to determine whether the proposed transaction is a 'merger or acquisition'".Concludes the watchdog: "The CCPC has written to the notifying parties informing them of its decision and expressed its willingness to further engage with the notifying parties in relation to the issues raised in its letter."

Source = Breaking-Finance.Com

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