Australia-based retail banking company Bendigo Bank has formed a merchant acquiring alliance with payments solutions provider Tyro Payments.
Under the agreement, Tyro will become the sole merchant acquiring partner for the bank’s small business (SME) clients.
As part of the deal, a co-branded system has been developed – dubbed ‘Bendigo Bank EFTPOS/eCommerce powered by Tyro’.
The solution combines the bank’s distribution channels, geographic footprint, and relationship-focused business banking capability with Tyro’s merchant acquiring technical know-how.
The partnership will give the bank’s customers access to a full suite of products from Tyro.
Currently, the bank delivers its merchant acquiring services through seven third parties which provide the necessary software and hardware.
By choosing Tyro as its merchant acquiring partner, the number of third parties will reduce from seven to one, thus reducing capital investments.
The partnership will also enable Tyro to establish its presence in Bendigo, Australia.
Tyro CEO and MD 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 (POS) systems.”
Beginning from the first half of 2021, the new offering is expected to be increasingly deployed to Bendigo Bank merchants.
Bendigo Bank business banking executive Bruce Speirs said: “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.”