As outlined at today’s Tyro AGM, the last financial year has been about putting the pieces in place to deliver better banking and easier access to working capital to business because it’s the SME owner who is central if our country it to prosper.

It’s been a busy year here at Tyro as you can see from our Annual Report. While we continue to strongly grow our EFTPOS merchant base to more than 16,000, we’ve delivered an in-house developed cloud-based mobile core banking platform, obtained authority to carry on banking business in Australia, raised $100 million and launched our first deposit product, Tyro Bank Account.

Our first lending product, Tyro Business Loans, also went into pilot.

Tyro now has the critical pre-requisites in place to deliver nextGen banking to a population of more than half-a-million Australian EFTPOS merchants who take credit, charge and debit cards in payment.

This EFTPOS banking is fully contained in the cloud, totally mobile, seamlessly integrated into Point of Sale (POS) and practice management solutions as well as Xero cloud accounting. It means efficient banking.

This is important because efficient banking and access to cashflow-based lending are the two ingredients which are critical to SME businesses. Tyro nextGen banking boosts their growth so that they can create the jobs, products and services that will underpin Australia’s prosperity in the digital century.

Smarter way to transact and deposit

In our quest to deliver efficient EFTPOS banking to our merchants, Tyro launched the first banking feature with the Tyro Bank Account. It is an interest-bearing and fee-free business account integrated into Xero cloud accounting.

This one bank account removes the frictions from today’s term deposit management and Xero batch bill, payroll and BPAY payments. The nuisances of ABA file handling and sharing credentials of online banking are a thing of the past. Payments are approved in the Tyro App on your smartphone anytime, anywhere.

Fast cash flow-based lending

The pilot for the Tyro Business Loan started in July 2016. This is a cashflow-based lending solution offered to eligible EFTPOS merchants. It is easy to access on the Tyro App on a smartphone anytime, anywhere.

Tyro merchants borrow against their future EFTPOS sales and repay with a percentage of their daily settlements. Applying for loans is frictionless, no collateral is required, and loans come with a locked in upfront fee, thereby leaving no surprises for the merchant. The funds are made available in the interest-bearing Tyro Bank Account within minutes.

The Tyro vision is to remove the frictions in today’s banking and cashflow management, so that Australian SMEs can focus on growing their businesses.

Healthier way to make claims

Tyro was the first to launch an integrated Medicare Easyclaim solution into the primary health care market. Tyro Easyclaim eliminates data entry errors and printing of paper vouchers. End-of-day banking is fast and accurate and immediate payments reduce the practice’s outstanding debt. Patients enjoy Medicare rebates by swiping their card and seeing their rebate in their account in 11 seconds.

Tyro leads the market with more than half of all Medicare rebate transactions processed through the EFTPOS card system. The solution is certified with most of the practice automation software providers.

Also Tyro’s HealthPoint is a new private health fund and Medicare claiming solution tailored to allied health providers and integrated directly with the practice management software. Those who will benefit from this solution are dentists, optometrists and physiotherapists.

Faster transactions for faster service

Tyro continues to execute its overall strategy of accessing merchants via POS vendors. The Tyro Terminal Adapters enable the POS vendors to implement the EFTPOS integration protocol directly with Tyro. This means that integration no longer requires weeks of effort but merely days and integrations are far more robust.

Tyro EFTPOS terminals process card payment transactions in less than two seconds with most POS software and without performance degradation through busy peak trading times such as Christmas. Reconciliation has become simpler because the cash register and EFTPOS reports always match. There are no more time-consuming manual adjustments and printouts each evening.

More ways to pay everyday

Tyro was the first provider of a pay, split and tip-at-table function on its terminals that can be integrated with most of the leading restaurant automation software systems.

Tyro’s Pay@Table solution permits the payment terminal to communicate with a restaurant’s POS over a wireless network, thus permitting pay-at-table transactions to be conducted on an integrated basis. Tyro provides a comprehensive suite of features including tipping at table, splitting amounts and opening bar tabs.

Building the fintech ecosystem

The Tyro Fintech Hub supports fintech start-ups and high-growth companies with co-working space where founders work and collaborate, companies accelerate, mentors contribute, experts teach, investors discover and the fintech community meets.

It is now home to a broad spectrum of fintech start-ups innovating in areas as diverse as payments and lending, financial literacy and superannuation, trading and exchanges, through to blockchain and behavioural finance, as well as host to a health insurance accelerator.

Living life in the cloud

The cloud-based Tyro architecture has brought EFTPOS into the internet age. Tyro removes constraints and enables businesses, no longer tied to legacy technology, to radically improve the efficiency of their processes. Merchants can increase transaction speed and lower communication expense by using the internet, or, for larger organisations, their corporate network.

The future means delivering simplicity

Hype around new mobile payment technologies, mainly capitalising on the propagation of smartphones, is invigorating innovation and investment. With NFC, Apple Pay, Android Pay, Square, PayPal and others, consumers and merchants are fed daily with news on new developments in mobile payments and mobile-pass technology.

As these new innovations get adopted, SMEs will struggle to offer their consumers these payment choices while maintaining the required reliability, efficiency and security of their payment and reconciliation processes. Tyro will use its platform, partnerships and integration architecture to offer customers simplicity: ONE account, ONE settlement, ONE point of contact.