Jost Stollmann, Tyro Payments CEO
New banking solutions would need to take the hassle out of payments, account and deposit management, and make data entry, keying errors and manual reconciliation a thing of the past. Everything between my bank, business system and accounting software should be automated.
Hard-earned cash should work hard and never sit idle. So new banking solutions would need to optimise the use of my money, to earn interest automatically at all times, giving full transparency and control to me, the business owner — just as the treasury departments of large corporations do.
Getting working capital should be easier, quicker, and come with less red tape. New banking solutions should offer lending based on a real understanding of my business, its growth, and cash flow. Funds should be available as needed, on the spot, and be priced fairly based on actual risk.
Tyro Payments, Australia’s first independent EFTPOS provider, has been granted a general banking authority by the Australian Prudential Regulatory Authority that allows us to take money on deposit and to advance money to Australian businesses. This is the first time a challenger has been authorised to compete head-on with the banking establishment.
The country’s point-of-sale, practice management, accounting or other business software vendors serving the business community can now enrich their solutions with the benefits of integrated banking features. This will make processing payments, managing deposits and funding the business easier, all with a click of a mouse or a tap of the finger. Everything will become seamlessly integrated.
Australia’s growing number of fintech startups, which bring innovations such as crowd-based funding, forex, loyalty and digital currency transactions or funds management solutions, can use Tyro’s FinTechHub to interact with other like-minded entrepreneurs and find ways to revolutionise payments. Tyro has chosen its first partner to co-develop an initial set of open APIs.
