Synchronization of neural networks has been studied in recent years as an alternative to cryptographic applications such as the realization of symmetric key exchange protocols. This paper presents a first view of the so-called permutation parity machine, an artificial neural network proposed as a binary variant of the tree parity machine. The dynamics of the synchronization process by mutual learning between permutation parity machines is analytically studied and the results are compared with those of tree parity machines. It will turn out that for neural synchronization, permutation parity machines form a viable alternative to tree parity machines.