Finovate Alumni News

On Finovate.com

  • Meniga Acquires Swedish Rewards Platform Wrapp.

Around the web

  • Featurespace partners with everis to help the business consultancy’s bank clients fight payment and account fraud.
  • TransferWise opens office in Belgium and applies for money transfer license as insurance against a no-deal Brexit outcome.
  • Hyatt launches bug bounty program with ethical hacker platform HackerOne.
  • Australian business bank Tyro unveils latest Alipay integration with  Sydney Airport retailer Heinemann Australia.
  • Entrust Datacard announces a pair of new board members, Val Rahmani and Cheri McGuire.
  • Capsilon reports that its core technology, Capsilon IQ, helped its clients’ customers save more than five million people hours collectively in 2018.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • KPMG Acquires Minority Stake in Alternative Credit Scoring Specialist, AdviceRobo.
  • Thinking Capital, National Bank Expand Funding Options for Canada’s SMEs.

Around the web

  • Australia’s business bank Tyro to offer flexible same-day settlement and payroll integration courtesy of a partnership with Xero.
  • Spreedly unveils latest version of its Account Updater solution.
  • Dwolla discontinues its last branded solution Transfer; pivots to focus on Dwolla Platform, the company’s white-label API.
  • Klarna to acquire Close Brothers Retail Finance (CBRF).
  • Saudi Arabia’s National Commercial Bank partners with Ripple for instant settlement of cross-border money transfers.
  • WorkFusion launches Partner Portal to support rise in AI-driven automation engagements.
  • Solna launches its intelligent invoicing tool powered by credit score data.
  • Personal Capital Promotes Craig Birk to Chief Investment Officer.
  • Moody’s Analytics partners with Cortera on a small business solution.
  • Arxan launches advanced protection for client-side eeb apps.
  • Checkbook celebrates topping two million user milestone.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Australian Challenger Bank Tyro Partners with Alipay

Business-only challenger bank Tyro announced this week that it has teamed up with Alipay. The partnership makes Tyro the first Australian bank to integrate with the China-based mobile and online payment platform, making it easier for Tyro’s merchants to reach Chinese consumers visiting and transacting in Australia and New Zealand.

“This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors,” Tyro CEO Robbie Cooke said. “It sees Tyro continue to challenge the status quo, being the first Australian bank to give its merchants the opportunity to seamlessly integrate with Alipay, enabling them to better serve Chinese tourists and giving customers more choice in how they want to pay.”

A division of Alibaba Group’s Ant Financial, Alipay has more than 870 million active users in China and overseas, and is recognized as the top payment method in China. In Australia and New Zealand, Alipay is already partnered with more than 10,000 businesses. This integration will provide Tyro merchants with an all-in-one, EFTPOS with integrated Alipay acceptance. Initial pilots are scheduled for the end of this year with selected merchants. Tyro expects to extend the service to the rest of its more than 20,000 business customers starting in the second quarter of 2019.

Calling banks “pivotal to Alipay’s expansion in Australia,” ANZ Country Manager for Alipay George Lawson said, “Australian businesses have been calling out for their banks to partner with Alipay to improve their exposure to the rapidly expanding Chinese visitor market so it’s pleasing to see Tyro take the lead on this and give their merchants access to new customers and incremental revenues.”

Founded in 2003 and headquartered in Sydney, Australia, Tyro demonstrated its Tyro Growth Funding lending solution at FinovateSpring 2017. Earlier this year, Tyro previewed its new API platform that helps integrate multiple apps and POS systems into a single solution. In March, the challenger bank launched its Tap & Save solution, which enables merchants to process debit tap-and-go payments via Tyro’s EFTPOS network.

Tyro has raised more than $103 million in funding. The company’s investors include TDM Asset Management and Tiger Global Management.

Finovate Alumni News

On Finovate.com

  • What Happens When a Lending Platform Goes Under?
  • Australian Challenger Bank Tyro Partners with Alipay.

Around the web

  • Coinbase leverages an electromagnetic signal blocking tent to secure assets from cybercriminals.
  • Klarna to provide pay later service for U.K. retailer, The Fragrance Shop.
  • Finastra to support fintech collaboration in the Middle East by joining Bahrain FinTech Bay.
  • AlphaPoint powers San Francisco-area, XRP-based cryptocurrency exchange, DCEX.
  • Check Point rumored to be developing a mini-firewall for IoT.
  • Bloomberg reports: Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales.
  • Personal Capital launches “Retirement Paycheck” service to simplify retirement income.
  • Salesforce selects InvestGlass for EMEA fintech accelerator.
  • Black Enterprise profiles DarcMatter co-founder, Natasha Bansgopaul.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • Business-only Australian bank Tyro forges partnerships to improve connectivity between POS, apps, and merchants.
  • Finastra appoints Elona Ruka-Wright as its new Chief Risk Officer.
  • Australian FinTech Study Loans partners with Cloud Lending Solutions to build new student loan offering.
  • LendingTree to acquire Ovation Credit Services for total consideration of $20.75 million.
  • Socure secures three new ISO certifications for privacy and security controls.
  • Spreedly to integrate Worldpay’s international payment processing API courtesy of new partnership.
  • Hypepotamous profiles South African authentication specialist Entersekt.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Australia’s Business-Only Challenger Bank Tyro Launches Tap & Save

A year after its FinovateSpring debut, Australia’s business-only challenger bank Tyro has introduced Tap & Save. The solution enables merchants to process debit tap-and-go payments through the more economical EFTPOS network, bringing least-cost routing and greater savings to Australian businesses.

“Our aim is to remove the barriers from business success and we are thrilled to give our customers the opportunity to be the first businesses in Australia to benefit from Tap & Save,” Director of Product at Tyro Bronwyn Yam said. “As the first-move in offering least-cost routing to merchants, it certainly gives our customers an advantage.” In a statement, Tyro said that merchants using Tap & Save will save on average six percent on merchant service fees (MSF) while the majority of Tyro merchants will save between twenty percent and twenty percent on re-routed transactions.

(Left to right): Tyro’s Caitriona Kely and Christopher Logan demonstrating the company’s Smart Growth Funding lending product at FinovateSpring 2017.

Tyro announced its initiative to provide lower cost routing via the EFTPOS network back in December, directly targeting merchant concerns about rising costs from contactless payments made with debit cards. The company cited a report from the Reserve Bank of Australia that noted that the average merchant service fee is charged at 0.26 percent on card transactions via EFTPOS, compared with 0.58 percent when the same transactions are processed through scheme card networks. This, combined with the observation that Australian consumers are especially frequent users of contactless payments (more than four in five using contactless payments at least once a week), helped spur Tyro’s decision to provide the lower cost service by the first quarter of 2018.

“Our plan to decrease acquiring costs for debit contactless payments through the eftpos network will be seamless for merchants, easy to enable and there will be no extra fees,” Tyro’s Rob Ferguson, Executive Director and Acting CEO said.

The decision was also likely driven by a directive from Australia’s House of Representatives Standing Committee on Economics which called on banks to give merchants the option of sending contactless payments through EFTPOS network. Tyro’s announcement before the April 1st deadline makes the bank the first to comply.

Tyro began the year with news of a new CEO. Robbie Cooke, former Managing Director and CEO of Tatts Group, will take the helm at the bank at the end of March. With a background in Australian customer-centric and technology-driven businesses, Cooke guided Tatts Group through its merger with Tabcorp last December. “I believe Tyro is very well positioned with its proven track record and custom-build technology platform to better respond to the banking needs of Australia’s SMEs, which are the backbone of our economy,” Cooke said.

Headquartered in Sydney, Australia, Tyro demonstrated its Smart Growth Funding lending solution at FinovateSpring 2017. The challenger bank provides integrated payment, deposit, and unsecured working capital solutions for more than 20,000 SMEs, and collaborates with more than 200 POS providers and cloud accounting platforms to bring better banking solutions to small businesses. In its fiscal year 2017, Tyro processed more than $10 billion in payment transactions, generating $121 million in revenue. With a compound annual growth rate of 34% over the past five years, Tyro has more than $100 million capital and reserves.

Finovate Alumni News

On Finovate.com

  • Privakey Launches Free Cloud Authentication Service.
  • Ellie Mae to Power Delivery of Loan Data and Documents for Pacific Union.
  • Australia’s Business Only Challenger Bank Tyro Launches Tap & Save.

Around the web

  • Pockitapp partners with Dwolla for banking integration.
  • Singapore Business Review names Turnkey Lender and Bambu among Singapore’s hottest startups.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateSpring Sneak Peek: Tyro

Tyro_homepage_April2017

FS2017-Logo(rev)V1A look at the companies demoing live at FinovateSpring on April 26 & 27 in San Jose. Pick up your tickets today and save your spot.

Tyro integrates payments, banking, and lending into one simple and transparent product as the only fintech in Australia with an unrestricted banking license.

Features

  • Ultra convenience through seamless integration of accounting, banking, and payments
  • Accelerate business growth with Smart Growth Funding
  • Only Australian fintech with an unrestricted banking license

Why it’s great
Fully-integrated and seamless solution that brings together payments, deposits, and lending into one mobile solution.

Tyro_ChristopherLogan_2Presenters

Christopher Logan, Head of Software Engineering – Lending, Mobile, Web, and Data
LinkedIn

 

 

Tyro_CaitrionaKelly_2Caitriona Kelly, Delivery Lead
LinkedIn

Finovate Alumni News

On Finovate.com

  • Check out our latest FinovateSpring Sneak Peeks featuring Tyro, FUCO & SOLUTION, Eltropy, AFS, cyberProductivity, and Tavant Technologies.
  • Mastercard’s Biometric Payment Card: the Good, the Bad, and the Ugly.

Around the web

  • Business Today India features algorithm-based, stock market research platform, MarketsMojo.
  • Tennessee-based SouthEast Bank to deploy DNA core account processing platform from Fiserv.
  • Yorkshire Building Society to leverage technology from Capriza to support transition to mobile.
  • CoverHound to offer insurance quotes for rideshare drivers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.