Bendigo Bank has confirmed a new alliance with Tyro Payments, for the firm to become the Bank’s exclusive merchant acquiring partner for its business banking customers.
The new agreement with Tyro will support the Bank’s strategy of investing in capability and reducing complexity by providing more flexible, feature-rich payment solutions to business customers.
The Bank’s existing merchant acquiring services are currently delivered through a range of third parties who provide various hardware and software components for its product. However, this new partnership will reduce the number of partners from seven to one.
Bruce Speirs, Executive Business Banking, Bendigo Bank stated: “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.”
Under the agreement, a new co-brand has been developed – Bendigo Bank EFTPOS/eCommerce powered by Tyro – to allow the bank to offer Tyro’s full suite of products to its business customers, grow its capability and improve the overall customer experience.
Tyro’s CEO and Managing Director, Robbie Cooke, emphasised the announcement is an exciting combination of Australia’s fifth biggest retail bank with the fifth largest merchant acquiring bank.
He 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.”