Pillar banks target Revolut with instant payments alternative Zippay

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In-app service available initially for AIB, Bank of Ireland, and PTSB customers

Life

Credit: Mabel Amber

Revolut marked it’s tenth anniversary in July and it’s been quite a journey for the company, moving from a payments processor of pre-paid credit cards to a full service bank with global aspirations. As online-only competitors N26 and bunq entered the market, their convenience – especially when it came to fast money transfer – saw them either become commonplace either as compliments to services from pillar banks or as a wholesale alternative.

Today, AIB, Bank of Ireland and PTSB are trying their hand at person-to-person payments with Zippay.

Available to more than 5 million customers from next year, Zippay will be an in-app service offered through the participating banks’ mobile apps. Customers will be able to send, request, and split payments instantaneously with Zippay by using the mobile number of contacts also using the service.

Nexi, a European PayTech company and one of the world’s leading payment technology providers, will deliver the Zippay service in Ireland. Nexi already has a strong track record in the Irish financial services sector having successfully partnered with domestic institutions to offer a range of reliable digital payment solutions.

Speaking on today’s announcement Renato Martini, Digital Banking Solutions Director of Nexi Group said: “Built on an API-based architecture, Nexi has designed Zippay for scalability and future expansion with the goal of making the solutionas widely available as possible to customers across Ireland. After the initial launch, Zippay will be offered on a non-discriminatory basis to all financial institutions that provide IBAN account services and a mobile app to Irish consumers and Nexi will manage the integration of eligible financial institutions that wish to join the service. Delivering this service in Ireland is an important recognition of Nexi’s experience in developing and launching innovative Account-to-Account solutions, thanks to its know-how, skills, and people. We are proud to be contributing to the further acceleration of digital payment solutions in Europe.”

This won’t be the first time Irish banks have tried to take on Revolut. In 2020 a project called Sync was set up to develop a payments app, Yippay. It was abandonned in 2023 following the closure of KBC Bank Ireland and the development by the European Commission and European Central Bank of their own solution, SEPA Instant, that promises cross-border money transfers up to €100,000 in 10 seconds or less. SEPA Instant has been available to consumers since January 2025.

TechCentral Reporters

Read More: AIB Bank of Ireland FinTech PTSB Zippay

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