The Competition and Consumer Protection (CCPC) has issued an assessment on a planned joint venture by a number of the main Irish banks that aims to set up a new mobile payments system.

The payments system is backed by AIB, Bank of Ireland, Permanent TSB and the departing KBC Bank Ireland.

Synch aims to enable consumers and businesses to move money around instantly from a mobile app, in a manner similar to the service offered by challengers such as Revolut and N26.

In December, the CCPC announced it was opening a phase two competition investigation into the plans to establish if the proposed transaction could lead to a substantial lessening of competition in the State.

Today the commission said it had issued an assessment setting out its preliminary views on the plan to those involved.

However, it has declined to publish the document and so it is not clear what conclusions it has reached.

"The parties have an opportunity to respond in writing to the CCPC's assessment and they may also ask to make an oral submission," the CCPC said in a statement.

It added that it is now expected that the investigation will conclude by July.

"Synch remains fully engaged with the CCPC and will continue to provide any support that is needed to help bring this process to its conclusion," said Synch in a statement.

Synch has been established as an independent entity with its own executive management team but is owned by the participating banks.