A long standing battle has come to an end.

Today, we received the first MasterCard settlement on the same day we receive the settlement from the other card systems. In the past, this settlement was delayed by one day, forcing us to partially pre-fund our payments to our merchants with our own equity funds and an overdraft facility. This was a particularly painful barrier and cost to a new entrant like Tyro, who cannot offset its acquirer settlements with issuer transactions. Our big bank competitors, who can offset these amounts, saw no need to change this anti-competitive structure.

I want to highlight that it is due to persistent efforts of the MasterCard leadership and support from the Reserve Bank that the big bank blockade was circumvented. MasterCard migrated the settlement from a recalcitrant major retail bank finally to the Reserve Bank itself. MasterCard did the right thing contributing to a more level playing field for competition in the Australian payment space.

That is why we got today $11.5 million one day earlier, cutting our liquidity need and improving our growth capacity accordingly.