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	<title>2016 | Tyro</title>
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	<title>2016 | Tyro</title>
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		<title>Gerd Schenkel joins Jost Stollmann as Tyro’s new CEO to build the nextGen Bank</title>
		<link>https://www.tyro.com/about-tyro/media/gerd-schenkel-joins-jost-stollmann-as-tyros-new-ceo/</link>
		
		<dc:creator><![CDATA[Mike Hagley]]></dc:creator>
		<pubDate>Wed, 19 Oct 2016 01:20:59 +0000</pubDate>
				<guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&#038;p=342</guid>

					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/gerd-schenkel-joins-jost-stollmann-as-tyros-new-ceo/">Gerd Schenkel joins Jost Stollmann as Tyro’s new CEO to build the nextGen Bank</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>Gerd Schenkel joins Jost Stollmann as Tyro’s new CEO to build the nextGen Bank</strong><br/> <br/>Tyro Payments Limited (“Tyro”), Australia’s fast growing nextGen banking institution, today announced the appointment of Gerd Schenkel as the company’s new CEO, effective 24 October 2016.<br/> <br/>The decision follows a proposed new leadership structure to the Board from current CEO Jost Stollmann to accommodate Tyro’s ambitious growth plans and its strong public advocacy role.<br/> <br/>“When someone of Gerd’s talent becomes available you grab the opportunity with both hands,” Jost Stollmann said.<br/> <br/>“Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the Tyro team as new CEO is the last piece needed to deliver very strong growth in the years ahead.”<br/> <br/>As full-time Executive Director Jost Stollmann will continue to raise Tyro’s profile in Australia, while supporting Gerd Schenkel in his role as CEO.<br/> <br/>As the company’s largest shareholder and as a Board member, Jost will also continue playing a significant role in defining Tyro’s strategic direction.</p>



<div class="wp-block-image"><figure class="aligncenter"><img fetchpriority="high" decoding="async" width="640" height="427" src="https://www.tyro.com/wp-content/uploads/2019/06/tyro-0993.jpeg" alt="" class="wp-image-343"/></figure></div>



<p class="wp-block-cgb-text gutenberg-examples-align-none">Gerd Schenkel has more than 17 years’ experience in Australian banking and technology related businesses.<br/> <br/>He founded Australia’s first home-grown digital deposit and mortgage bank, UBank, in 2008 which now has around $20 billion in customer balances.<br/> <br/>Most recently, as Executive Director &amp; Founder of Telstra Digital, he grew this new channel to 500 million customer contacts per annum.<br/> <br/>Gerd Schenkel said that he was attracted by the unique opportunity to build a new kind of organisation with Jost and the entire Tyro team, delivering frictionless banking and access to debt for Australia’s SMEs and growth companies.<br/> <br/>“I am excited about the opportunity to lead Tyro as we continue to build Australia’s newest bank,” he said.<br/><br/>“Tyro is a new kind of company with a uniquely attractive culture, it’s a technology company that happens to be a bank, not the other way around.<br/> <br/>“Australia needs a viable and strong banking sector which is customer centric and technology literate, a Tyro delivering fair, transparent and smart banking.”<br/> <br/>Tyro’s growth and achievements to date have been remarkable. Currently serving more than 16,000 small businesses, Tyro processed $8.6 billion of transactions and generated more than $95 million in revenue in FY16.<br/> <br/>Tyro Chairman Kerry Roxburgh said Jost Stollmann identified Gerd Schenkel as the ideal new CEO, and the Board was happy to endorse that choice after an exhaustive selection process involving an independent search firm.<br/> <br/>“Jost Stollmann’s decade managing Tyro has been outstanding, culminating in the company’s strong 2016 financial results,” Kerry Roxburgh said.<br/> <br/>“The Board is delighted Jost will continue as full-time Executive Director and Board member, helping achieve the company’s ambitious growth plans, while fighting for Australian SMEs and inspiring the Australian spirit of entrepreneurship.<br/> <br/>”We are similarly impressed by Gerd Schenkel’s experience and industry knowledge, and regard his appointment as a coup for Tyro.”</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>About Gerd Schenkel</strong><br/></p>



<ul class="wp-block-cgb-unordered-list"><li>Born in Germany 1969</li><li>Predominately lived in Australia since 1994</li><li>Started his career with the Boston Consulting Group, located in Sydney, New York and Los Angeles</li><li>Citigroup Director Strategy &amp; Business Development for Australia</li><li>UBank Founder and Managing Director</li><li>Telstra Digital Executive Director with 500 million customer contacts per annum, eight million unique monthly users, three million regular app users</li><li>Master of Mechanical Engineering (Robotics) from the University of Stuttgart</li><li>Visiting Scholar in Robotics at the University of Sydney</li><li>MBA from Columbia Business School, New York.</li></ul>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>About Tyro</strong><br/></p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro is Australia’s only independent EFTPOS banking institution and is the first new entrant into the banking business in more than 18 years. Tyro holds an authority under the Banking Act to carry on a banking business as an Australian Deposit Taking Institution (ADI) and operates under the supervision of the Australian Prudential Regulation Authority (APRA). Tyro provides credit, debit, EFTPOS card acquiring, Medicare and private health fund claiming and rebating services as well as a transaction and deposit account integrated with Xero cloud accounting. Tyro takes money on deposit and offers unsecured cash-flow based lending to Australian EFTPOS merchants.<br/> <br/>In August last year, Tyro became the first Australian technology company to be granted a full banking licence by the Australian Prudential Regulatory Authority, allowing it to accept deposits and to advance money to Australian businesses. Only four months later, Tyro successfully raised around $100 million in new capital from a range of domestic and international investors, including Atlassian’s joint-CEO Mike Cannon-Brookes, Tiger Global Management in New York and TDM Asset Management in Sydney. Established in 2003, Tyro was valued to nearly half a billion dollars, marking it one of Australia’s technological success stories.</p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/gerd-schenkel-joins-jost-stollmann-as-tyros-new-ceo/">Gerd Schenkel joins Jost Stollmann as Tyro’s new CEO to build the nextGen Bank</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Banking red tape costing Aussie SMEs $7 billion every year</title>
		<link>https://www.tyro.com/about-tyro/media/banking-red-tape-costing-aussie-smes-7-billion-every-year/</link>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Mon, 15 Aug 2016 01:32:00 +0000</pubDate>
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					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/banking-red-tape-costing-aussie-smes-7-billion-every-year/">Banking red tape costing Aussie SMEs $7 billion every year</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">BANKING red tape is robbing more than 880,000 of Australia’s two million small and medium sized businesses of four weeks’ productive work time a year, costing the national economy almost $7 billion annually, new research has found. <br /> <br />This equates to an extra 20 working days a year – or the entire annual holidays of the average employee. <br /> <br /><a href="http://go.pardot.com/e/75482/-SME-Report-August-2016-VF-pdf/2q4m8h/163984714">Tyro’s Exploring banking inefficiencies for SMEs report</a> has found that 44 per cent of Australian SMEs, or 880,000 businesses, spend more than three hours every week checking, entering, paying and reconciling data, costing each business an average of $7,800 a year.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"> Tyro’s report also found that:  </p>



<ul class="wp-block-cgb-unordered-list wp-block-list"><li>700,000 businesses, or 35% of SMEs, believe their bank could be doing a better job.</li><li>One million, or 50%, of SME owner/operators are doing their own bookkeeping.</li><li>400,000, or 20%, of SME owner/operators don’t use any form of accounting software.</li></ul>



<p class="wp-block-cgb-text gutenberg-examples-align-none">“Large companies, with more than 200 employees, make up only 0.3% of businesses operating in Australia,” Tyro CEO Jost Stollmann said today. “By comparison, small and medium sized businesses are the creative and innovative heart of the Australian economy, generating more jobs than any other sector. “But SMEs are drowning under the burden of inefficient online business banking processes, that are robbing them of three hours a week, or 20 days a year.<br /><br />“This means SMEs have to work a 13-month year, or give up the equivalent of four weeks’ annual holiday to compensate for banking inefficiencies.” <br /> <br />The findings explain why a staggering 700,000 SMEs are unhappy with their business bank’s performance. Mr Stollmann said efficient online banking was critical to the success of SMEs and for a large proportion of Australian businesses their bank was letting them down. “Banks need to try harder to reduce the burden on Australian businesses,” he said. “It is clear that business banking requires a rethink. It needs to be mobile, embedded into business and accounting software and fully automated. “The winners in the business banking of the future will marry deep technology and banking know-how.”<br /> <br />Despite SMEs playing a critical role in the Australian economy, their contribution to GDP has slowed since 2012. <br /> <br />Mr Stollmann said the priority was to establish what the major pain points were for the industry and help SMEs drive future growth. <br /> <br />Billions of dollars have been spent by the private and public sector to assist SMEs, particularly around improving workplace participation. <br /> <br />However, very little has been done to address the issues of access to capital or business and banking improvement processes. <br /> <br />Mr Stollmann said SME banking was an industry in transition, and the major providers needed to make it easier for customers to do business. <br /> <br />“Australia’s small and medium sized businesses are developing into the most attractive banking customers in the country. <br /> <br />“From a market that was once considered very niche and challenging to serve, SMEs have now become a strategic target for banks,” he said. <br /> <br />“This flows on from the 2008 financial crisis, when banks began to shift their focus away from large corporates in an effort to seek high yields in a low interest rate environment. <br /> <br />“Banks now see SMEs as core to their business. <br /> <br />“Australia should be looking at action to improve SME productivity, in recognition of the changing terms of trade and resources decline. We should help SMEs operate more efficiently.” <br /> <br />Commonwealth Bank of Australia CEO Ian Narev acknowledged this recently when he said CBA had to innovate or die. <br /> <br />“If we don’t innovate successfully, we’re toast,” Mr Narev told free-market think tank The Centre for Independent Studies in June. <br /> <br />“Not we’ll lose a bit of profit, we’ll lose a few customers — we’re toast. And I’m talking over a decade, not over six months, but it is an existential imperative for us to innovate.” </p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><br /><strong>About Tyro Payments Limited</strong> <br /> <br />Tyro is Australia’s only independent EFTPOS banking institution and is the first new entrant into the banking business in more than 18 years. Tyro holds an authority under the Banking Act to carry on a banking business as an Australian Deposit Taking Institution (ADI) and operates under the supervision of the Australian Prudential Regulation Authority (APRA). Tyro provides credit, debit, EFTPOS card acquiring, Medicare and private health fund claiming and rebating services as well as a transaction and deposit account integrated with Xero cloud accounting. Tyro takes money on deposit and offers unsecured cash-flow based lending to Australian EFTPOS merchants.</p>
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<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>



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<p></p>
<p>The post <a href="https://www.tyro.com/about-tyro/media/banking-red-tape-costing-aussie-smes-7-billion-every-year/">Banking red tape costing Aussie SMEs $7 billion every year</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Australia’s FinTech revolution at risk</title>
		<link>https://www.tyro.com/about-tyro/media/australias-fintech-revolution-risk/</link>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Fri, 01 Jul 2016 01:38:31 +0000</pubDate>
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					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/australias-fintech-revolution-risk/">Australia’s FinTech revolution at risk</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">AUSTRALIA could lose its standing at the forefront of the fintech revolution if the big banks are allowed to retain control of customer transaction data.<br/> <br/>In it submission to the Productivity Commission Inquiry into Data Availability and Use, Tyro warned that governments and regulators around the world are competing to redesign their policies and regulations as a reaction to market crises and digital disruption.<br/> <br/>Tyro Co-Founder Andrew Rothwell said the UK and the EU are well-advanced with their Open Data and Open API movement, and that Australia is lagging behind.<br/> <br/>“If Australia is late in delivering Open Data and Open API reforms in this country, the fintech revolution will take place elsewhere,” Mr Rothwell said.<br/> <br/>“Fintech investment around the world reached an estimated US$20 billion in 2015, a jump of about seven-fold in only three years.<br/> <br/>“Customers are currently being locked out of financial services products and solutions such as alternative lenders or comparison, advisory, financial management and payment services that are designed specifically to meet their needs by innovators who can deliver.<br/> <br/>“Customer transaction data belongs to the customer. Banks should be forced to give their customers the right and the ability to share that data with third parties that are licensed under the Australian Prudential Regulation Authority or who have an Australian Financial Services Licence or an Australian Credit Licence.<br/> <br/>“By refusing to allow customers to make their data and accounts available to regulated third parties, banks will continue to control the snail’s pace of innovation in Australia – to the detriment of the Australian consumer.”<br/> <br/>Mr Rothwell said that banks offering open access to data and external APIs would also benefit because it would enable them to become more of a ‘platform’ for other services.<br/> <br/>“Once fintech innovators have been granted permission to analyse, integrate and share data as consumers see fit, they will unleash a vast wave of new products that will give consumers more choice, while increasing the value of their existing products,” he said.<br/> <br/>“This industry is going to revolutionise how consumers and businesses interact in the future.<br/> <br/>“If Australia is going to become the next fintech Hub of Asia, that revolution needs to happen here.”</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>About Tyro Payments</strong><br/> <br/>Tyro is Australia’s EFTPOS banking institution and is the first new entrant into the banking business in more than 18 years. Tyro holds an authority under the Banking Act to carry on a banking business as an Australian Deposit Taking Institution (ADI) and operates under the supervision of the Australian Prudential Regulation Authority (APRA). Tyro provides credit, debit, EFTPOS card acquiring, Medicare and private health fund claiming and rebating services as well as a transaction and deposit account integrated with Xero cloud accounting. Tyro takes money on deposit and is about to launch its first lending product.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>The Tyro Fintech Hub</strong><br/> <br/>The Tyro Fintech Hub is Australia’s first hub for financial technology entrepreneurs in Sydney. Opened in February 2015, the Tyro Fintech Hub supports fintech startups and high growth companies with co-working space, mentoring, banking access, and a program to co-develop open APIs. The Tyro Fintech Hub is also host to accelerators, conferences, hackathons, meetups and programs to build Australia’s burgeoning fintech ecosystem.</p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/australias-fintech-revolution-risk/">Australia’s FinTech revolution at risk</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Australia on the cusp of ‘digital greatness’</title>
		<link>https://www.tyro.com/about-tyro/media/australia-cusp-digital-greatness/</link>
		
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		<pubDate>Fri, 17 Jun 2016 01:56:58 +0000</pubDate>
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					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/australia-cusp-digital-greatness/">Australia on the cusp of ‘digital greatness’</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">AUSTRALIA could soon become the FinTech Hub of Asia by eliminating regulatory red tape that has previously held the nation’s visionary start-up companies back, Tyro CEO Jost Stollmann said today.<br/> <br/>Under changes announced by the Australian Government, start-up companies can now test and evolve their business models with customers in a regulatory ‘sandbox,’ without first having to obtain a financial services licence.<br/> <br/>The development will help encourage some of Australia’s best and brightest bankers to leave the comfort of the ‘big four’ banks and venture out on their own with disruptive new ideas.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-left"><img decoding="async" width="768" height="397" class="wp-image-359" src="https://www.tyro.com/wp-content/uploads/2019/06/press-release-Australia-on-the-cusp-of-digital-greatness-170616-768x397.jpg" alt="" srcset="https://www.tyro.com/wp-content/uploads/2019/06/press-release-Australia-on-the-cusp-of-digital-greatness-170616-768x397.jpg 768w, https://www.tyro.com/wp-content/uploads/2019/06/press-release-Australia-on-the-cusp-of-digital-greatness-170616-768x397-676x349.jpg 676w" sizes="(max-width: 768px) 100vw, 768px" /></p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">“Australia’s financial services sector is the largest contributor to the national economy, providing about $140 billion to GDP last year, and employing 450,000 people,” Mr Stollmann said.<br/> <br/>“The Australian Government’s package of measures will help unleash a new generation of entrepreneurs and investors who want to make everything we do quicker, easier and more productive.<br/> <br/>“FinTech investment around the world reached an estimated $30 billion, a jump of about seven-fold in only three years.<br/> <br/>“Australia needs to make itself FinTech friendly if it wants to set itself up for the next generation of economic growth.<br/> <br/>“If it does, Australia could become the FinTech Hub of Asia, servicing a market of more than three billion people, including a rampant Chinese economy.”<br/> <br/>At the recent World Economic Forum it was noted that 90 per cent of the data we use today has been created in the past two years.<br/> <br/>Mr Stollmann said that FinTech was disrupting banking so quickly it was possible that one of Australia’s big four banks may no longer exist in a generation.<br/> <br/>“Australia is now creating an eco-system of FinTech start-up companies that are working together to provide a 21st century suite of banking services for customers and businesses,” he said.<br/> <br/>“What that means is that the old and slow banks may be replaced by 100 smaller organisations working together.<br/> <br/>“It is possible that within 20 years one of the current big four banks will no longer be with us. The only question is, which one will it be?”<br/> <br/>While most banks have been reluctant to speak publicly about the challenges posed by FinTechs, Commonwealth Bank CEO Ian Narev told a gathering at The Centre for Independent Studies earlier this month that his organisation would be ‘toast’ within 10 years if it didn’t innovate.<br/> <br/>Mr Narev refuted the notion that innovation and technology was only the domain of the start-up, describing Commonwealth Bank as the “big dog sleeping on the porch”.<br/> <br/>Tyro Payments is Australia’s only technology company with a banking licence. It works collaboratively with other tech companies to provide end-to-end banking solutions for Australia’s 2.1 million small and medium sized businesses.<br/> <br/>Early last year, Tyro took this a step further by opening Australia’s first FinTech Hub, designed to foster new ideas and help Australian entrepreneurs build their dreams.<br/> <br/>“FinTech is going to revolutionise how consumers and businesses interact in the future,” Mr Stollmann said.<br/> <br/>“But individual FinTech companies can’t thrive in an analogue world, we need to create a digital ecosystem for new ideas to grow and prosper.<br/> <br/>“For this reason, Tyro created the Tyro FinTech Hub in early 2015 at 155 Clarence St, Sydney, as Australia’s first dedicated space for fintech startups.”<br/> <br/>Mr Stollmann sits on the Federal Government’s FinTech Advisory Group that advises the government on how to improve Australia’s international competitiveness in the digital economy.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>About Tyro Fintech Hub</strong><br/> <br/>The Tyro Fintech Hub is Australia’s first hub for financial technology entrepreneurs in Sydney. Opened in February 2015, the Tyro Fintech Hub supports fintech startups and high growth companies with co-working space, mentoring, banking access, and a program to co-develop open APIs. The Tyro Fintech Hub is also host to accelerators, conferences, hackathons, meetups and programs to build Australia’s burgeoning fintech ecosystem. For more information, visit <a href="http://www.tyrofintechhub.com/">www.tyrofintechhub.com.</a></p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>About Tyro Payments</strong><br/> <br/>Tyro is Australia’s EFTPOS banking institution and is the first new entrant into the banking business in more than 18 years. Tyro holds an authority under the Banking Act to carry on a banking business as an Australian Deposit Taking Institution (ADI) and operates under the supervision of the Australian Prudential Regulation Authority (APRA). Tyro provides credit, debit, eftpos card acquiring, Medicare and private health fund claiming and rebating services as well as a transaction and deposit account integrated with Xero cloud accounting. Tyro takes money on deposit and is about to launch its first lending product. For more information, visit <a href="http://www.tyro.com/">www.tyro.com</a>.</p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/australia-cusp-digital-greatness/">Australia on the cusp of ‘digital greatness’</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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