<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>2015 | Tyro</title> <atom:link href="https://www.tyro.com/blog/press-category/2015/feed/" rel="self" type="application/rss+xml" /> <link>https://www.tyro.com/blog/press-category/2015/</link> <description></description> <lastBuildDate>Tue, 26 Mar 2024 04:24:54 +0000</lastBuildDate> <language>en-AU</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.1</generator> <image> <url>https://www.tyro.com/wp-content/uploads/2019/07/tyro-fav-512-150x150.png</url> <title>2015 | Tyro</title> <link>https://www.tyro.com/blog/press-category/2015/</link> <width>32</width> <height>32</height> </image> <item> <title>Aussies to save $200 million a year on card payment fees.</title> <link>https://www.tyro.com/about-tyro/media/aussies-to-save-200-million-a-year-on-card-payment-fees/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Tue, 08 Dec 2015 02:13:15 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=362</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/aussies-to-save-200-million-a-year-on-card-payment-fees/">Aussies to save $200 million a year on card payment fees.</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">As Australians embark on their $18 billion Christmas spending blitz, changes proposed by the RBA to unnecessary card payment transaction fees mean that they would collectively save an estimated $200 million a year at the cash register.<br /> <br />According to analysis from SME champion Tyro Payments, changes to interchange fees mean that 10 million of the lowest income Australians could save $50 a year.<br /> <br />The proposed new regulation falls short of the estimated $750 million it could have saved consumers and retailers, if the RBA had followed the European Union lead with a hard cap of 0.3% on interchange fees.<br /> <br />Tyro Payments, CEO, Jost Stollmann said that while “the changes proposed by the RBA are encouraging more needs to be done.”<br /> <br />“This is a step in the right direction, however, the proposed changes to the card interchange fee are essentially invisible to the average customer and small business. The only real option is to ban interchange fees altogether.”<br /> <br />Lower income Australians will still be subsidising the spending habits of Australia’s wealthiest to the tune of hundreds of million dollars a year, money that could otherwise be spent on gifts under the Christmas tree for friends and family.<br /> <br />“Why should lower income Australians and small businesses continue to fund the although now somewhat less generous reward programs of platinum and super premium cards for the wealthy? The RBA needs to go the whole way and abolish the fees completely.”<br /> <br />“Australia is well behind the eight ball, with New Zealand, Canada and eight other EU members having very low or zero debit interchange fees.” Mr Stollmann said.<br /> <br />The Reserve Bank revealed the direction it wants to take in a consultation paper on draft changes to the standards on interchange fees released last week. This included:</p> <ul class="wp-block-cgb-unordered-list wp-block-list"><li>A hard cap of 0.8 percent on interchange fees and the inclusion of international cards in calculating the average cap of 0.5 percent will save Australian businesses and consumers an estimated $100 million.</li><li>A quarterly instead of a three yearly review of the schemes’ and banks’ compliance with the average cap of 0.5 percent will save another estimated $100 million through elimination of the creep between reviews.</li><li>The inclusion of American Express companion charge cards under the average cap of 0.5 percent and the hard cap of 0.8 percent will add further savings.</li></ul> <p class="wp-block-cgb-text gutenberg-examples-align-none">“The proposals are encouraging but just don’t go far enough,” argues Mr Stollmann.<br /> <br />In its submission to the RBA, Tyro will argue that the interchange fee must be set at zero, due to the fact that in the era of contactless payments the big banks and credit card scheme companies have removed all transparency and choice with regards to card payments from the Australian consumer and retailer.<br /> <br />“It would finally eliminate what most Australians would be horrified by, if they understood it: that their hard-earned cash is subsidising the rich. It’s Robin Hood in reverse, unfair and unAustralian,” Mr Stollmann said.<br /> <br />“Getting rid of the interchange fee eliminates regulatory complexity, the unfair cross-subsidies, the vexing surcharging (reversing interchange), barriers to innovation and catapults Australia into the cashless society,” said Mr Stollmann.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>Table 1: Premium and entry level card charges and ‘subsidies’</strong><br /><br /><img fetchpriority="high" decoding="async" width="595" height="199" class="wp-image-366" src="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-and-subsidies-20151208.png" alt="" /></p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/aussies-to-save-200-million-a-year-on-card-payment-fees/">Aussies to save $200 million a year on card payment fees.</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Tyro Payments Secures $100 Million In Funding</title> <link>https://www.tyro.com/about-tyro/media/tyro-payments-secures-100-million-in-funding/</link> <dc:creator><![CDATA[Al Walsh]]></dc:creator> <pubDate>Mon, 30 Nov 2015 02:29:33 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=369</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-payments-secures-100-million-in-funding/">Tyro Payments Secures $100 Million In Funding</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro Payments Limited (“Tyro” or the “company”), Australia’s business-only bank and EFTPOS provider, announced today it has raised $100 million from Tiger Global Management in New York, TDM Asset Management in Sydney and Australian technology entrepreneur Mike Cannon-Brookes to fund the next stage of its ambitious growth strategy.<br/> <br/>Tyro will use the new funds to accelerate its growth initiatives and new product development to provide innovative payment and banking solutions to its customers.<br/> <br/>Tyro serves more than 14,000 businesses in Australia and processes over $8 billion annually in transactions through its internally developed, cloud based platform. Tyro’s platform seamlessly integrates with its customers’ business systems providing a fast, reliable, easy-to-use payment solution.<br/> <br/>In August this year, Tyro became the first Australian technology company to be granted a banking licence by the Australian Prudential Regulatory Authority, allowing it to accept deposits and to advance money to Australian businesses.<br/> <br/>Highlights of the 2015 financial year include:</p> <ul class="wp-block-cgb-unordered-list wp-block-list"><li>Gross revenue grew 38% to $72.4 million, a CAGR of 38% over the past 5 years;</li><li>Total staff count increased by 94 people, or 74%, to 221 with engineering, testing and operations increasing to a total of 121; and</li><li>Tyro opened the Tyro Fintech Hub where like-minded entrepreneurs can interact and co-develop open APIs.</li></ul> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro CEO Jost Stollmann said today’s $100 million capital injection from three leading global investors combined with Tyro’s cloud based banking platform sets Tyro up well for the next stage of growth.<br/> <br/>“Tyro is coming together with Australia’s 2.1 million small and medium sized businesses, software and fintech companies to build a new ecosystem that is disrupting the established banks by offering better products and experiences,” Mr Stollmann said.<br/> <br/>“SMEs are essential to productivity growth and job creation in our economy. We want to build a new banking ecosystem that allows SMEs in whatever business – be it retail shops, pharmacies, medical practices, restaurants, pubs or hotels – to compete better.”<br/> <br/>TDM Asset Management Partner Hamish Corlett said, “TDM is delighted to invest in Tyro because of its enormous growth potential, unique product offering, proprietary software capability and innovative culture. We are excited to be backing a management team that is passionate about providing better payment and banking solutions to Australian SMEs.”<br/> <br/>As part of the capital injection, experienced retail businesswoman Catherine Harris will join Tyro as an independent non-executive director from 17 December 2015.<br/> <br/>Ms Harris is a highly accomplished director with extensive retail experience as Chair of Australia’s largest independent produce retailer, Harris Farm Markets.<br/> <br/>She is also a Commissioner of the Australian Rugby League and Director of UNSW School of Business Council, Governor of the University of Notre Dame and the Sport Australia Hall of Fame.<br/> <br/>Tyro Chairman Kerry Roxburgh welcomed Ms Harris’ appointment, saying she would bring new skills and perspectives to the Board.<br/> <br/>“Catherine Harris is one of Australia’s most astute business figures, who will bring enormous insight into the dynamics that drive a successful retail business,” Mr Roxburgh said.<br/> <br/>“Tyro has ambitious growth plans to be the natural home for Australia’s 2.1 million small and medium sized businesses, and Catherine Harris will help drive that strategic oversight.”<br/> <br/>Since its establishment 12 years ago, Tyro has built up a team of 150 software engineers to develop and launch new banking products.<br/> <br/>Over the next three years, it plans to triple the number of software engineers to 450, with the aim of shaking up the Australian banking industry further, with a suite of new digital products that will save businesses time and money.<br/> <br/>“Tyro is poised for breakout growth, driven by innovation and commitment to fair and transparent banking,” Mr Stollmann said.<br/> <br/>“We will transform banking for SMEs and provide them with frictionless solutions tailored to their needs, so that they can concentrate on growing their business.<br/><br/>”We make no apology for attracting some of Australia’s top software engineers, attracted by our creativity, agility and ability to transform the country’s banking system.<br/> <br/>“It is an exciting time.”<br/> <br/>For more information please visit <a href="https://www.tyro.com/">www.tyro.com</a>.</p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-payments-secures-100-million-in-funding/">Tyro Payments Secures $100 Million In Funding</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Call to cut $650 million in ‘Grinch-like’ card fees</title> <link>https://www.tyro.com/about-tyro/media/all-aussies-want-for-christmas-is-a-cut-in-650-million-in-grinch-like-card-fees/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Wed, 18 Nov 2015 03:13:05 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=370</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/all-aussies-want-for-christmas-is-a-cut-in-650-million-in-grinch-like-card-fees/">Call to cut $650 million in ‘Grinch-like’ card fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australians are expected to spend more than $96 billion on their credit and debit cards this festive season[1], but will be forced to pay in only two months $650 million in ‘Grinch-like’ bank fees for the pleasure.<br/> <br/>These are hidden interchange fees that banks charge each other for the use of credit and debit cards that are levied on retailers who often pass them onto consumers in the form of a surcharge or higher-priced goods.<br/> <br/>The Christmas and New Year’s sales season is critical for retailers, with many relying on the next eight weeks for up to 60 per cent of their annual turnover.<br/> <br/>The issue is likely to come to a head today when the Reserve Bank of Australia’s (RBA) Payments System Board (PSB) meets to decide the direction of its interchange fee regulation.<br/> <br/>Australian retailers and their customers have paid an estimated $1.6 billion[2] in these unnecessary and antiquated fees this year and small businesses and low-income Australians have been hit the hardest.<br/> <br/>The PSB has the power to save 10 million lower-income Australians $550 million a year in unnecessary credit and debit card fees[3], if it caps the credit card interchange fee at 0.3 per cent as the European Commission has.<br/> <br/>The fee restrictions could also save the country’s 390,000 small businesses an estimated $300 million a year in fees[4].<br/> <br/>In a submission to the PSB, Tyro Payments CEO Jost Stollmann implored the RBA to “again lead the regulatory world by eliminating interchange fees that the banks charge each other and force onto merchants and consumers”.<br/> <br/>“At a time when Australian banks are enjoying record-breaking profits, greatly assisted by the growth in electronic fees, it is unjustifiable that cost efficiencies haven’t been passed onto small businesses and their customers,” he said.<br/> <br/>“In an increasingly cashless society, it is the big banks who are the real winners.<br/> <br/>“Low-income Australians and small-to-medium business owners have been the losers as interchange fees for small businesses are up to 10 times higher than for big retailers[5] while low-income consumers pay 6.7 times more than high net worth individuals with premium credit card schemes.”<br/> <br/>Tyro argues that by abolishing the interchange fee a beneficial chain of events would end regulatory complexity, abolish unfair cross-subsidies and eliminate vexing surcharging.<br/> <br/>“Consumers would enjoy relief from rising cost of living pressures, while retailers struggling in an increasingly competitive market would become more profitable and competitive,” he said.<br/> <br/>“Today, we call on the PSB to draw a line in the sand and eliminate interchange fees by regulating for the future.”<br/><br/> A hard cap of 0.3%, as foreshadowed in the RBA’s 2007-08 Review and as legislated in the European Union, would liberate Australians of estimated bank fees of $550 million and possibly hundreds of millions more each year.<br/> <br/>New Zealand, Canada and eight EU member states have all moved to low or zero debit interchange fees.<br/> <br/>Ninety-three percent of respondents to a recent survey of Tyro merchants want interchange fees to be either capped or abolished altogether. And best of all,<br/> <br/>98 percent said they would scrap surcharging as a result</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>Table 1: Premium and entry level card charges and ‘subsidies’</strong><br/><br/><img decoding="async" width="595" height="367" class="wp-image-384" src="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-20151118.png" alt=""/></p> <p class="wp-block-cgb-text gutenberg-examples-align-none">[1] Estimated card transaction volume in November and December 2015 (RBA).<br/> <br/>[2] RBA statistics.<br/> <br/>[3] $450 million in fees on $225 billion in credit card transactions through a 0.2% lower cap, estimated $100 million through elimination of the creep between reviews and potential hundreds of additional millions through the inclusion of companion charge cards.<br/> <br/>[4] Comparing the lower and higher quartiles of the yearly $230 billion in Visa and MasterCard purchases.<br/> <br/>[5] Visa: Strategic Merchant Program rate 0.22% versus High Net Worth Qualified rate 2.20% and Standard rate 0.275%.</p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/all-aussies-want-for-christmas-is-a-cut-in-650-million-in-grinch-like-card-fees/">Call to cut $650 million in ‘Grinch-like’ card fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Zedmed and Tyro add Bulk Billing feature to Medicare Easyclaim</title> <link>https://www.tyro.com/about-tyro/media/zedmed-integrates-with-tyro-medicare-easyclaim-for-bulk-billing/</link> <dc:creator><![CDATA[Mike Hagley]]></dc:creator> <pubDate>Thu, 20 Aug 2015 03:48:36 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=392</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/zedmed-integrates-with-tyro-medicare-easyclaim-for-bulk-billing/">Zedmed and Tyro add Bulk Billing feature to Medicare Easyclaim</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Zedmed will strengthen its product offering with Tyro Payments, with plans to release Tyro’s Integrated Medicare Easyclaim Bulk Billing Claiming feature in August 2015.<br /> <br />Up until now Zedmed’s practice management billing software has had full integration with Tyro for payments and Medicare Easyclaim Patient Paid claims only. The bulk billing feature completes the Easyclaim feature set for Zedmed and gives them an edge in the competitive Australian practice management software market.<br /> <br />“Along with the release of this latest bulk billing feature, we are looking forward to adding more Tyro features to the Zedmed products in the future, as we move closer to our new Mobile Health Practice Management Software platform,” said Richard Ireson, CEO of Zedmed.<br /> <br />Tyro’s Medicare Easyclaim Bulk Billing feature allows bulk bill claims to be processed directly through a practice’s Tyro EFTPOS terminal. It removes the need for bulk billing vouchers to be printed, saving practices thousands of dollars per year in unnecessary paper costs. In addition, with bulk bill claims being sent in real time to Medicare there is no need for end of day batching, removing an onerous end of day process for practice staff and reducing unnecessary overtime.<br /> <br />“The beauty of the Tyro EFTPOS real time bulk billing feature is that it is fully integrated with the Zedmed billing software. It makes reception staff more efficient and gives them one less thing to worry about in what is already a high pressure environment,” said Alison O’Brien, Tyro’s Health Industry.<br /> <br />Tyro currently processes over 1 million Medicare claims per month through its Integrated Medicare Easyclaim solution and it currently leads the market in providing instant Medicare claims for patients. In addition to Medicare Easyclaim, Tyro recently launched its own health fund claiming solution, Tyro Healthpoint.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"></p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/zedmed-integrates-with-tyro-medicare-easyclaim-for-bulk-billing/">Zedmed and Tyro add Bulk Billing feature to Medicare Easyclaim</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Ending the banks’ double dip could save consumers $500 million in fees</title> <link>https://www.tyro.com/about-tyro/media/ending-the-banks-double-dip-could-save-consumers-500-million-in-fees/</link> <dc:creator><![CDATA[Mike Hagley]]></dc:creator> <pubDate>Mon, 22 Jun 2015 05:34:23 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=424</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/ending-the-banks-double-dip-could-save-consumers-500-million-in-fees/">Ending the banks’ double dip could save consumers $500 million in fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>UP to 10 million lower-income Australians will save $500 million a year in unnecessary credit and debit card fees, under caps being considered by the Reserve Bank of Australia (RBA) tomorrow.</strong></p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The fee restrictions could also save the country’s 390,000 small businesses an estimated $300 million a year <sup><a href="https://www.tyro.com/press-releases/ending-the-banks-double-dip-could-save-consumers-500-million-in-fees/#reference1">[1]</a></sup> in fees.<br /> <br />The big losers will be Australia’s major banks.<br /> <br />The potential savings will be debated at a roundtable of regulators, big banks, and card issuers such as Visa and MasterCard in Sydney tomorrow.<br /> <br />The RBA will consider imposing lower and hard caps on ‘interchange’ fees, that banks charge each other for the use of credit and debit cards, which flow on to consumers and retailers.<br /> <br />Australia’s leading independent payments provider, Tyro Payments, has been campaigning for the fee to be abolished or at least capped.<br /> <br />Tyro Payments CEO Jost Stollmann said the fee is particularly cruel at a time when banks are enjoying the biggest spread between credit card interest rates and the official cash rate since records began in 1990.<br /><br />“The big banks are double dipping with card payments,” Stollmann said.<br /> <br />“How can they justify taking as much as 20% on some credit cards while the official cash rate sits at 2%? Then they slug consumers and retailers with another fee to use one of their cards, just because they can get away with it.”<br /> <br />Interchange fee on credit cards, currently regulated at an average of 0.5%, has actually blown out beyond 0.6%.<br /> <br />To go to a hard cap of 0.3%, as foreshadowed in the RBA 2007-08 Review and as legislated in the European Union, would liberate Australians of estimated bank fees of $550 million and possibly hundreds of millions more p.a. <sup><a href="https://www.tyro.com/press-releases/ending-the-banks-double-dip-could-save-consumers-500-million-in-fees/#reference1">[2]</a></sup><br /> <br />New Zealand, Canada and eight EU member states have all moved to low or zero debit interchange fees.<br /> <br />The changes come as 99 percent of Australian small businesses want interchange fees to be either capped or abolished altogether. 96 percent would scrap their surcharge.<sup><a href="https://www.tyro.com/press-releases/ending-the-banks-double-dip-could-save-consumers-500-million-in-fees/#reference1">[3]</a></sup><br /> <br />“If these welcome changes go ahead, consumers will enjoy relief from rising cost of living pressures, while retailers struggling in a difficult market will become more profitable and competitive,” Stollmann said.<br /> <br />“It is only the banks that stand to lose in fees. It will be interesting to see whether the banks back their customers or their own self-interest in this debate.”<br /> <br />Interchange fees for small businesses are up to 10 times higher than for big competitors <sup><a href="https://www.tyro.com/press-releases/ending-the-banks-double-dip-could-save-consumers-500-million-in-fees/#reference1">[4]</a></sup> while low-income consumers pay 6.7 times more than high net worth individuals. And that divide is widening.<br /> <br />“Australia’s 390,000 SMEs employ more than seven million Australians and are the engine of jobs growth in this country, yet they are having to compete with financial lead in their saddle bags, courtesy of our major banks.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><img decoding="async" width="680" height="312" class="wp-image-426" src="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-v2.png" alt="" srcset="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-v2.png 680w, https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-v2-676x310.png 676w" sizes="(max-width: 680px) 100vw, 680px" /></p> <p class="wp-block-cgb-text gutenberg-examples-align-none"></p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><sup>[1]</sup>Comparing the lower and higher quartiles of the yearly $230 billion in Visa and MasterCard purchases.<br><sup>[2]</sup> $450 million in fees on $225 billion in credit card transactions through a 0.2% lower cap, estimated $100 million through elimination of the creep between reviews and potential hundreds of additional millions through the inclusion of companion charge cards.<br><sup>[3]</sup> 729 responses to a Tyro survey as of 19 June 2015 8:45am.<br><sup>[4]</sup> Visa: Strategic Merchant Program rate 0.22% versus High Net Worth Qualified rate 2.20% and Standard rate 0.33%.</p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/ending-the-banks-double-dip-could-save-consumers-500-million-in-fees/">Ending the banks’ double dip could save consumers $500 million in fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>“An easier way to pay for 5.5 million Australians”</title> <link>https://www.tyro.com/about-tyro/media/an-easier-way-to-pay-for-5-5-million-australians/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Thu, 04 Jun 2015 05:59:03 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=434</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/an-easier-way-to-pay-for-5-5-million-australians/">“An easier way to pay for 5.5 million Australians”</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>More than 500,000 small and medium sized businesses will now be able to accept mobile payments in-store from up to 5.5 million active Australian PayPal users, following a historic partnership between Tyro Payments and PayPal.</strong></p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Called Tyro Mobile, the new payment solution gives Australia’s small and medium sized enterprises (SMEs) the capability to meet exploding consumer demand for mobile payment facilities via the PayPal Australia consumer app.<br /> <br />“Australians increasingly want to pay for purchases quickly and conveniently and Tyro’s partnership means those with the PayPal app can now use their smart phones to do so in a second,” Tyro CEO Jost Stollmann said.<br /> <br />“Studies have shown that 61% of Australians are keen to pay with their mobile in a store [1] but only a third (36%) of Australian merchants accept mobile payments[2].<br /> <br />“We champion small and medium sized merchants and our technology gives them the ability to compete with big players in their markets, like Coles and McDonalds, and to become more appealing to consumer needs.”<br /> <br />Mr Stollmann said that with more than 5.5 million active PayPal account holders already in Australia, a large portion of whom regularly use the PayPal app, the uptake of Tyro Mobile by merchants had enormous potential.<br /> <br />“PayPal is the operating system for digital payments and partnerships like this one with Tyro Mobile allow us to extend our offering to Australian businesses of all sizes,” said Emma Hunt, Director of SMB, PayPal Australia.<br /> <br />“We’ve seen widespread acceptance of our consumer app amongst our more than 5.5 million active Australian users and are excited that Tyro Mobile’s merchants can now connect with our customers by facilitating PayPal payments in-store.”<br /> <br />Lionel Asseraf, owner of café and bistro Metro St James, in Sydney’s Hyde Park, is an early adopter of Tyro Mobile. “We’re very customer focused, we want to provide a great service. If our customers want to pay in this way, we want them to be able to,” Mr Asseraf said.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>High consumer desire for mobile payments</strong><br /> <br />Research has found Australian smartphone users’ top reasons to pay with their mobiles in store are</p> <ul class="wp-block-cgb-unordered-list wp-block-list"><li>‘It’s a convenient way to pay’ (32%)</li><li>‘It’s a fast way to pay’ (27%)</li><li>‘I do not need to carry or pull out a physical wallet, when my details are stored’ (22%) and</li><li>‘It’s easier than paying by cash or card’ (19%) <sup><a href="https://www.tyro.com/press-releases/an-easier-way-to-pay-for-5-5-million-australians/#reference3">[3]</a></sup> .</li></ul> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>Future-proofing payments for merchants</strong><br /> <br />Tyro Mobile means Tyro’s merchants are ready to accept mobile payments made from digital wallets like PayPal today and from other payment types in the future such as Samsung Pay.<br /> <br />“Because we are a technology leader, Tyro’s merchants are confident they’ll be ready for digital wallets and other mobile-based payment types when they reach these shores,” said Andrew Rothwell, Tyro Co-Founder and VP Sales.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>The PayPal App</strong><br /> <br />The PayPal App allows customers to search for local stores, check in and pay at the counter with a swipe of the finger. There are other features including balance tracking, and P2P money transfers and it is available on Apple and Android devices.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><sup>[1] </sup><a href="http://www.telstra.com.au/business-enterprise/download/document/business-enterprise-teg1398_mobility_retail_white_pages_v08_hr_singles.pdf"><strong>Telstra – How Mobility is Changing the Rhythm of Australian Retail</strong></a> [PDF] <br> <br><sup>[2]</sup> <a href="https://www.paypal-media.com/assets/pdf/fact_sheet/PayPalHere_ResearchFactSheet.pdf">PayPal Australia small business payments research.</a><br> <br><sup>[3]</sup> <a href="https://www.paypal-media.com/assets/pdf/research/PayPal_Mobile_Global_Snapshot_2015.pptx">PayPal – Ipsos Global Mobile Research Findings, Feb 2015</a></p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/an-easier-way-to-pay-for-5-5-million-australians/">“An easier way to pay for 5.5 million Australians”</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Australia’s First Fintech Hub partners with Yodlee</title> <link>https://www.tyro.com/about-tyro/media/australias-first-fintech-hub-partners-with-yodlee/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Thu, 07 May 2015 06:13:28 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=446</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/australias-first-fintech-hub-partners-with-yodlee/">Australia’s First Fintech Hub partners with Yodlee</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>Australia’s fintech startup companies can get free access to 12,000 global data sources from this month to help develop their business models and take on the world.</strong></p> <p class="wp-block-cgb-text gutenberg-examples-align-none">In a landmark alliance between Tyro Fintech Hub and leading US fintech company, Yodlee, entrepreneurs will be given valuable access to connect with financial data on cards, investments, loans, bills, and rewards from consumers’ and small business accounts.<br /> <br />Under the new agreement, Tyro Fintech Hub members will get free access to Yodlee’s Application Programming Interfaces (APIs), providing secure, flexible access to more than 12,000 global financial data sources.<br /> <br />These insights can then be converted into new online and mobile financial products and services.<br /> <br />Tyro Fintech Hub joins only six other global organisations, including Level 39, techUK and FINTECH Circle in the UK, Y-Combinator and Eaglewood Capital in the US, and Blue Chilli Incubator in Sydney to partner with Yodlee Interactive, an arm of Yodlee Incorporated (Nasdaq: YDLE), for its International Accelerator Program.<br /> <br />“This is an outstanding time to be involved in fintech, and we are thrilled to be part of the Yodlee International Accelerator Program,” the Head of the Tyro Fintech Hub Mr Andrew Corbett-Jones said.<br /> <br />“Startups traditionally face barriers in this space, but we put an emphasis on connecting fintech entrepreneurs with the right people, tools, and resources to best help them succeed.<br /> <br />“Tyro Fintech Hub’s strategic partnership with Yodlee Interactive means members can build fintech businesses that not only focus on the Australian marketplace, but can scale to go global from day one.”<br /> <br />Globally, fintech financing activity has grown from about $US100 million in 2008 to $US3 billion in 2013.<br /> <br />The finance and insurance sector is the largest industry in NSW, employing 180,000 people, and contributing $57 billion to the economy.<br /> <br />More than 13,000 people are currently studying IT in NSW alone.<br /> <br />Tyro Fintech Hub is Australia’s first dedicated space for fintech startups, which opened in February at 155 Clarence St, Sydney in a refurbished art deco building.<br /> <br />Its members aim to drive innovation and disruption in finance.<br /> <br />Tyro Fintech Hub has desks for 125 entrepreneurs, and features an event space, two board rooms, meetings rooms, a chill-out room, informal sitting areas, a communal kitchen and eating space, and a rooftop terrace.<br /> Yodlee is one of the biggest financial data aggregators in the world and supplies bank feeds to Australian fintech customers including cloud accounting software Xero and Saasu, peer-to-peer lender SocietyOne, and personal financial management tool MoneyBrilliant.<br /> <br />Australia is quickly becoming an important part of Yodlee’s efforts around the world, and the Tyro Fintech Hub is proud to be a partner.<br /> <br />Heading the Tyro Fintech Hub is Mr Andrew Corbett-Jones, an entrepreneur himself, who has spent the better part of a decade advising and mentoring hundreds of Australian startups.<br /> <br />The space is being provided by one of Australia’s great fintech success stories, Tyro Payments, the country’s only independent – and fastest growing – EFTPOS provider.<br /> <br />In addition to the Yodlee Accelerator Program being run out of the Tyro Fintech Hub space, the company offers its banking access, experience and expertise to one company per quarter who may benefit from co-developing with Tyro.<br /> <br />Tyro takes no equity or fees to be part of this program. The only requirement is that the APIs must be open. Ideal candidates will have an experienced team, a product going to market and be well funded for their next phase to grow. For the next intake, applications for the co-development program closes June 1.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"></p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/australias-first-fintech-hub-partners-with-yodlee/">Australia’s First Fintech Hub partners with Yodlee</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Reserve Bank to save the poor $500m in bank fees</title> <link>https://www.tyro.com/about-tyro/media/reserve-bank-to-save-the-poor-500m-in-bank-fees/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Mon, 04 May 2015 06:54:03 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=457</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/reserve-bank-to-save-the-poor-500m-in-bank-fees/">Reserve Bank to save the poor $500m in bank fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none"> Up to 10 million lower income Australians will save an estimated $500 million a year in unnecessary credit card fees, under changes being considered by the Reserve Bank of Australia (RBA).<br> <br>In the current review of card payments, the RBA is considering imposing lower and hard caps on so-called ‘interchange’ fees that banks charge each other for the use of credit and debit cards.<br> <br>Lowering the interchange fee on credit cards from an average of 0.5% currently to a hard cap of 0.3%, as foreshadowed in the RBA 2007-08 Review and as legislated in the European Union, would liberate Australians of estimated bank fees of $550 million and possibly hundreds of millions more p.a.<sup>[1]</sup><br> <br>Moving from a hard to an average cap addresses the key finding of the Murray Financial System Inquiry that identified the hidden practice of the country’s largest banks be banned, where poorer Australians subsidise cheaper air travel, holidays and fine wine for the rich.<br> <br>The RBA Governor Glenn Stevens himself said last week, “when I use my platinum Amex card and get points, someone is paying for that.”<sup>[2]</sup><br> <br>According to the RBA submission to the Murray Inquiry, “individuals in the highest income quartile are six times more likely to have premium cards than low-income individuals”.<sup>[3]</sup><br> <br>Indeed, Australia’s 10 million standard card users pay about $50 each to support the five million premium and platinum cards<sup>[4][5]</sup> usually held by the rich, according to analysis by Tyro of the annual $230 billion credit card spend.<br> <br>“Most Australians would be horrified to think that their hard-earned money is subsidising the rich. It’s Robin Hood in reverse, unfair and unAustralian,” Tyro Payments CEO Jost Stollmann said.<br> <br>The card schemes and banks get away with it because most people don’t know it is happening. Their secret is out now. The RBA itself has said retailers and customers don’t know what they are paying.<sup>[6]</sup><br> <br>Fees for small businesses<sup>[7]</sup> are up to 10 times higher than for big retailers while low-income consumers pay 6.7 times more than high net worth individuals. And that divide is only widening, according to the RBA.<sup>[8]</sup><br> <br>“Tyro estimates that small businesses<sup>[9]</sup> pay $300 million more in hidden fees for Visa and MasterCard purchases than the big retailers,” he said.<br> <br>“Why should lower income Australians and small businesses fund the generous reward programs of platinum and super premium cards for the wealthy?”<br> <br>“Australia’s 390,000 small and medium sized businesses (SMEs) employ more than seven million Australians and are the engine of jobs growth in this country, yet they are having to compete with financial lead in their saddle bags, courtesy of our major banks.<br> <br>“These charges are essentially invisible to the average customer. They are unfair. The best option is to ban these interchange fees altogether.”<br> <br>In a submission to the RBA Review <sup>[10]</sup>, Tyro argues that the interchange fee must be set at ZERO, already because the schemes and issuer banks have removed transparency and choice.<br> <br>Getting rid of the interchange fee eliminates regulatory complexity, the unfair cross-subsidies, the vexing surcharging (reversing interchange), barriers to innovation and catapults Australia into the cashless society.<br> <br>Australia is falling behind other jurisdictions. New Zealand, Canada and eight EU member states with high card issuance have very low or zero debit interchange fee. </p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><img loading="lazy" decoding="async" width="680" height="312" class="wp-image-426" src="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-v2.png" alt="" srcset="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-v2.png 680w, https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-v2-676x310.png 676w" sizes="auto, (max-width: 680px) 100vw, 680px" /></p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><br/>[1] $450 million in fees on $225 billion in credit card transactions through a 0.2% lower cap, estimated $100 million through elimination of the creep between reviews and potential hundreds of additional millions through the inclusion of companion charge cards.<br/> <br/>[2] As reported in the Australian Financial Review<br/> <br/>[3] <a href="http://www.rba.gov.au/publications/submissions/fin-sys-inquiry-201408/pdf/fin-sys-inquiry-201408.pdf">http://www.rba.gov.au/publications/submissions/fin-sys-inquiry-201408/pdf/fin-sys-inquiry-201408.pdf</a><br/> <br/>[4] Reserve Bank of Australia figures show Australia has 15.6 million credit and charge accounts<br/> <br/>[5] Tyro Payments $6.5 billion in payments per year show 34% of payments are by premium cards and 66% are by standard cards <br/> <br/>[6] RBA Review of Card Payments Regulation (March 2015)<br/> <br/>“Cardholders may not face the correct price signals associated with their choices, which is likely to result in cross-subsidisation.”<br/> <br/>[7] Visa: Strategic Merchant Program rate 0.22% versus High Net Worth Qualified rate 2.20% and Standard rate 0.33%<br/>MasterCard: Strategic Merchants rate 0.25% versus Consumer Elite rate 2.20% and Consumer Standard rate 0.33%<br/> <br/>[8] For both debit and credit cards, the tendency has been for the differences in interchange fees applying to the two groups (small and large merchants) to have widened significantly since merchant specific rates were introduced. RBA Review of Card Payments Regulation (March 2015).<br/><br/>[9] Comparing the lower and higher quartiles of the yearly $230 billion in Visa and MasterCard purchases.<br/> <br/>[10] <a href="https://www.tyro.com/content/uploads/2015/05/Submission-Review-of-the-Card-Payments-Regulation-2015-04-24.pdf">http://tyro.com/content/uploads/2015/05/Submission-Review-of-the-Card-Payments-Regulation-2015-04-24.pdf </a></p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/reserve-bank-to-save-the-poor-500m-in-bank-fees/">Reserve Bank to save the poor $500m in bank fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Australia’s First Fintech Hub Opens in Sydney</title> <link>https://www.tyro.com/about-tyro/media/australias-first-fintech-hub-opens-in-sydney/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Fri, 27 Mar 2015 07:20:34 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=479</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/australias-first-fintech-hub-opens-in-sydney/">Australia’s First Fintech Hub Opens in Sydney</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australia’s first hub for financial technology startups has opened in the heart of Sydney to act as an exchange for ideas and to provide a place for the country’s most ambitious fintech entrepreneurs to meet and work.<br /> <br />The Tyro Fintech Hub has desks for 125 fintech entrepreneurs, and features an event space, two board rooms, meetings rooms, a chill out room, informal sitting areas, a communal kitchen and eating space, and a rooftop terrace. Desks are $625 per month fulltime, $420 for 10 days and $250 for five days.<br /> <br />The Hub offers co-working desks to fintech startups and high growth companies, and will also host accelerators, conferences, hackathons, meetups and seminars in a push to build and support Australia’s burgeoning fintech community.<br /> <br />Heading the Tyro Fintech Hub is Andrew Corbett-Jones, an entrepreneur himself who has also spent the better part of a decade advising and mentoring hundreds of Australian startups. “Australia is late to the party, but the time has come for financial services to be disrupted and radically improved by a swarm of fintech entrepreneurs,” Mr Corbett-Jones said.<br /> <br />“Startups face barriers in this space, and we want to give them a boost by giving them somewhere to work, learn, collaborate and drive change. We’re not the cheapest and we’re not the most expensive. What we are is a location in the heart of Sydney’s financial district, with a space that is open, bright and informal, and is also the sort of place you would happily bring a client or investor.”<br /> <br />“The Hub doesn’t need to make a profit, but it does need to foster innovation, and that is what we will be measured on. We believe this space will be particularly attractive to anyone thinking about leaving a large, slow-moving employer – whether that’s a bank, an insurance company or a professional services firm – and launching their own startup.”<br /> <br />The space is being provided by one of Australia’s great fintech success stories, Tyro, Australia’s business-only bank and EFTPOS provider. Tyro CEO Jost Stollmann said “we are very keen to see more companies do what we have done – powerfully disrupt banking in Australia”.<br /> <br />“But it’s not easy. We believe it takes an ecosystem to drive real change, and so we have committed substantial resources to build and grow the fintech ecosystem,” Mr Stollmann said. The company is also offering its banking experience and expertise to a handful of companies who may benefit from co-developing with Tyro.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"></p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/australias-first-fintech-hub-opens-in-sydney/">Australia’s First Fintech Hub Opens in Sydney</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> </channel> </rss>