The Australian big banks and their retail payment systems have continued the history of reliably collapsing, leaving millions of customers and businesses stranded from their funds. The outages typically affected a range of services including ATMs, online banking and credit card and debit card transactions.

Whether it is through the slow-down of payment transaction response times or the outright outage of the payment system, every year the Banks put the Christmas business of Australian businesses at risk.

In a report on Operational Incidences in Retail Payments Systems, the Reserve Bank of Australia (RBA) identified already in 2012 the root causes of the banks’ glitches, failures and outages: the advanced age of their legacy systems, the lack of regular renewal and upgrade, the lack of sufficient staff skilled in legacy application languages and the lack of detailed understanding of the intricacies and inter-dependencies.

I say, over decades the banks have stifled the investment into the retail payment system, the vein of commerce, and now Australian retailers and consumers pay the price.

The RBA highlighted in its report the alternative: Instead of using the industry’s old-age concept of primary infrastructure and backup sites, best practice consists in “duplicate systems operated independently, but in parallel, on an ‘active-active’ basis. In this case, the workload is spread across multiple versions of the system.”

The RBA does affirm that this is the most reliable, but also costly strategy. We concur. It is the only one for us.

Thus, Tyro invested years ago into dual data centres and networks as well as quadruple switches, all running live-live. In the case of a maintenance interval or a component failure, the Tyro terminal fleet just fails over automatically to the next available switch in the next available data centre.

The result is that a Tyro customer does not even notice an interruption. Tyro’s 100 percent reliable core acquiring platform delivers non-stop acquiring without degrading response times in peak Christmas trading hours.

Merchants, who do not want their EFTPOS solution to stop or slow down their trading, should switch to Tyro; just in time for the Christmas season.

A tyro jockey won the Melbourne Cup. We are the Tyro winning Australian merchants’ EFTPOS business.