Making the SME’s life simpler and their business more productive is at the heart of the Tyro Smart Account, co-founder Andrew Rothwell told Switzer TV on Sky News recently.

Rothwell (pictured) explained the thinking behind the new Tyro Smart Account, which launched this week, and promises “frictionless banking”.

He told Paul Rickard it “reduces the number of steps that SMEs have to go through to manage their bills all with a single account” that not only reconciles your banking and accounting but offers bonus interest without having to move your money around.

“It’s completely unique in the market and aimed squarely at Australia’s SME community.

“Tyro is building innovative products that makes their (SMEs) life simpler, more productive, and gives them back time so they can do what’s important to them.”

Watch the full interview here.

Rothwell also discussed the Reserve Bank’s review of interchange fees which includes capping.

“Just by capping the premium cards at 0.8%, Australian small business operators could save about $200 million a year,” he said.

“We are hoping that a reduction in merchant service fees flows on to the consumer and the price they pay for their goods. At present, those with garden-variety cards are effectively paying for someone else’s rewards program.”

Learn more about how Tyro is moving beyond EFTPOS to building a complete mobile banking solution here.