Tyro Bank Account Target Market Determination

Objectives, financial situation and needs of the Target Market

The Tyro Bank Account is targeted at Merchants across Australian businesses with the likely objectives of having a dedicated settlement account for either their Tyro Merchant Facility or eCommerce Facility. The Tyro Bank Account provides a hybrid transaction and savings account for merchants with the ability to manage incoming and outgoing cashflow to meet their financial situation and needs.

Eligibility criteria for the product

Merchants will need to satisfy certain eligibility criteria, including that Merchants must:

  • Have an active Australian Business Number (ABN).
  • Have or will obtain, an existing merchant facility.
  • Have a linked account with another Australian financial institution to the Tyro Bank Account.

Key features of the product 
  • Ability to select the Tyro Bank Account as a main or partial settlement account.
  • Seven day merchant settlement for customers who activate the Tyro Bank Account.
  • Transfer money into and out of the account with access through Tyro’s mobile banking app. 
  • Ability to introduce, remove or adjust transaction limits.
  • No transfer limit on transfers to a linked account.
  • Earn interest on your funds the longer you leave them in the account and bonus interest.
  • No monthly account fee or transaction fees.
  • Seamless reconciliation with integrated bank feeds to Xero^.
  • Schedule recurring or batch payments with BPAY* and bank transfers, and Xero Payroll in Xero^.
  • Receive real-time billing alerts for payment instructions.
  • Insufficient funds in the Tyro Account,  we will re-attempt the payment when funds arrive.

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

The Tyro Bank Account offers a fee-free interest bearing settlement account for merchants to be able to receive their 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 can only be distributed through Tyro’s mobile app channel and/or a Banking Specialist.
  • Other third parties responsible for or involved in the distribution of the product must comply with their agreement in place with Tyro and take reasonable steps to ensure Merchant needs align to the product Target Market. 
  • This product can only be distributed to business customers in accordance with Tyro’s product and process requirements.

Tyro views 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 to Tyro EFTPOS and eCommerce Merchants.

Reviewing the Target Market Determination

The 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 received from merchants who acquired the product, which relate to the Merchant’s purchase or use of the product and which shows that the Target Market Determination may no longer be appropriate for the product.
  • A material incident or significant number of incidents, which relate to the customer’s purchase or use of the product and which shows that the Target Market Determination may no longer be appropriate for the product.
  • A significant dealing of this product to Merchants who are outside the Target Market.
  • The receipt of a product intervention power order from ASIC requiring Tyro to immediately cease commercial product distribution conduct in respect of the product.
  • The material alteration of the product or product 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 views would materially change a factor taken into account in making the Target Market Determination.

Next Review due date 

By 5 October 2023.

Review Period

At least every 24 months from the Start Date of this Target Market Determination.

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:

Information TypeDescription Time Frame for Reporting
Product Complaints Data Information relating to complaints received including number of complaints, third party distributor identifier information, product name and complaint verbatim.Monthly, and in any case no later than 10 business days from the end of the month.
Significant DealingsAny significant dealing of the product to customers who are outside the Target Market. As soon as practicable, and in any case, no later than 10 business days after becoming aware.