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October 19, 2020

Bendigo Bank forges merchant acquiring partnership with Tyro Payments

Australia-based retail banking company Bendigo Bank has formed a merchant acquiring alliance with payments solutions provider Tyro Payments.

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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.”

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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