Unusual competition watchdog rulingFour banks initially notified the competition watchdog of their plans, on January 12, to set up a joint venture called Synch Payments to develop an industry-wide banking payments app. Given the considerable market power that the big banks already wield in Ireland, there is considerable interest in the plans by the banks for a new app. “Any joint venture created by market participants where the market is highly concentrated — such as the banking market — will need to be considered in detail. Mr Dunne said that KBC appears not to have equal control in the joint venture and the rights are not equally shared between the four banks. The information submitted by the three banks and by Synch Payments over how they propose to deal with other financial institutions will likely be the focus of the CCPC, he said.

Source: Irish Examiner June 01, 2021 05:30 UTC