Bendigo Bank has signed a deal with ASX-listed payments solutions provider Tyro Payments making the latter the exclusive merchant acquiring partner for its business banking customers.
A statement from the bank said existing merchant acquiring services were delivered through third parties who provided various hardware and software components. The new partnership would cut the number of partners from seven to one.
The new service will have its own brand — Bendigo Bank EFTPOS/eCommerce powered by Tyro — and will mean the bank can offer all Tyro’s products to its business customers.
A bank spokesperson told iTWire that these services included:
- best in class business software integration, including to Cloud POS systems;
- support for Alipay, with ZipPay coming soon;
- best in class least cost routing;
- access to data insights via an app and online portal;
- still with next day settlement to a Bendigo Bank account that features NPP and ApplePay.
The new arranegment is expected to be progressively deployed to Bendigo Bank merchants from the first half of 2021.
Tyro will also establish a new Bendigo-based presence which will add to the level of technical expertise in regional Australia.
Bruce Speirs, executive, Business Banking, Bendigo Bank, said: “In line with our group strategy to invest in capability and reduce complexity, we are reshaping our Merchant Services offering to help customers better run their businesses and further improve the market-leading customer experience we provide.
“Our new partnership with Tyro is an exciting development and I look forward to working with the new team to simplify our product offering and provide enhanced capability which will allow the bank to further improve the support for our business banking customers.
Tyro chief executive and managing director Robbie Cooke said: “Partnering with Bendigo Bank will see Tyro’s leading proprietary payments platform made available to its current and future merchant customers – giving them access to more features, more payment options and seamless integrations to more than 300 point-of-sale systems.
“Tyro will deploy its payments expertise to Bendigo Bank’s business customers, with Bendigo Bank continuing to provide all other banking services to these customers under a long-term, collaborative and strategic partnering commitment.
“This is a great example of two customer-focused Australian organisations coming together to provide better solutions for Australian businesses through a partnering of capability and expertise.”
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