The agreement will see Bendigo Bank dump its previous seven partners for merchant acquiring services, who provided various hardware and software components for its product.
Tyro will provide its full suite of payment solutions to the bank’s business customers, under a new co-brand, Bendigo Bank EFTPOS/eCommerce powered by Tyro. As part of the deal, Tyro will also establish a new Bendigo-based presence.
The co-branded offering is expected to be progressively deployed to Bendigo Bank merchants from the first half of next year.
Bruce Speirs, executive of business banking, Bendigo Bank said the partnership is a positive development for business customers.
“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,” Mr Speirs said.
The bank stated the move will not be a material financial transaction, but it will remove the requirement for ongoing capital investment in a specialised market and will deliver positive earnings contribution and growth opportunities.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.