Tyro Transaction Account Target Market Determination

Objectives, financial situation and needs of the  Target  Market

The Tyro Transaction Account is targeted at Australian business customers with the likely objectives of having:

• a dedicated account to settle daily takings from their Tyro Electronic Payments Facility; and
• an account with the ability to manage incoming and outgoing cashflow to meet their financial situation and needs.

Eligibility criteria for the product

Customers will need to satisfy certain eligibility criteria, including that they:

• Must be opening the account in connection with business activities
• Have, or have applied for, a Tyro Electronic Payments Facility.

Key features of the product are:

• Ability to select the Tyro Transaction Account as a settlement account for the customer’s Tyro Electronic Payments Facility.
• Seven day settlement of daily takings from the Tyro Electronic Payments Facility.
• Customers can deposit, withdraw or transact on the account via a range of channels by using:
  • a linked debit card (Visa Business Debit Card);
  • the Tyro Bank App or Tyro web portal, including direct credit, New Payments Platform and BPAY functionality;
  • a Direct Debit facility; and
  • ATMs (only to withdraw).
• Schedule recurring or batch payments with BPAY* and bank transfers
• Ability to adjust transaction limits.
• No monthly account fee.

Why the product is likely to be consistent with the likely objectives, financial situation and needs of the Target Market

The Tyro Transaction Account offers a transaction account for business customers to receive their daily takings seven days a week and manage their everyday business banking payments needs.

Distribution conditions

The distribution of this product is subject to the following conditions and restrictions:

• The product is distributed through the Tyro Bank App and Tyro web portal.
• This product can only be distributed  in accordance with Tyro’s product and process requirements.

Tyro considers that these distribution conditions are appropriate and are of a nature that it is likely that the product will be distributed to the Target Market given that Tyro will have oversight of how the product is promoted and issued.

Monitoring and Oversight

Tyro conducts regular monitoring of account openings and transactions to ensure distribution aligns with this Target Market Determination. Tyro has processes in place to promptly identify distribution deviations, ensuring product distribution remains consistent with the defined Target Market.

Reviewing this Target Market Determination

This Target Market Determination may no longer be considered appropriate, and a review of this Target Market Determination must be undertaken by Tyro, if any of the below review triggers occur:

• A significant number of complaints are received from customers who acquire the product which:
  • relate to the customers’ opening or use of the product; and
  • indicate that the Target Market Determination may no longer be appropriate for the product.
• A material incident or significant number of incidents occur which:
  • relate to the customers’ opening or use of the product, and
  • Indicate that the Target Market Determination may no longer be appropriate for the product.
• There is a significant dealing of this product to persons who are outside the Target Market.
• A product intervention order from ASIC requires Tyro to immediately cease commercial product distribution conduct in respect of the product.
• There is a material change to the product or its terms and conditions which would cause the Target Market Determination to no longer be appropriate for the product.
• Any other event or circumstance that Tyro considers would materially change a factor taken into account in making the Target Market Determination.

Next Review due date 

By 25 August 2027 

Review Period 

At least every 24 months from the Start Date of this Target Market Determination, unless triggered earlier by any review events outlined above. 

Review Trigger Information Reporting Requirements 

The following information must be provided to Tyro by all third parties responsible for the product distribution conduct of this product in accordance with this Target Market Determination, within the required time-frames: