Allens has advised Bendigo Bank on its long-term merchant acquiring alliance with payments solutions provider Tyro.
The alliance will see Tyro become the Bank’s exclusive merchant acquiring partner for business customers for an initial 10-year term, with Bendigo Bank to exclusively refer its current and future business customers to Tyro.
A new co-brand – Bendigo Bank EFTPOS/eCommerce powered by Tyro – will allow Bendigo to provide Tyro’s full suite of market-leading products.
Allens advised on all elements of the alliance, including strategic advice on the alliance agreement, asset sale agreement, transitional services agreement, regulatory requirements and co-branding.
‘We are delighted to have advised Bendigo Bank on this important strategic partnership to further enhance the experience for its business banking customers’ said lead Partner Michael Park.
‘The alliance formed by Bendigo Bank and Tyro is an excellent example of a growing trend in the payments landscape – a move away from traditional models and towards becoming more customer-centric, focussing on delivering more dynamic and intuitive services’ said Managing Associate Elyse Adams.
The advice reinforces Allens’ position as one of Australia’s pre-eminent fintech and payments advisory practices, with the firm playing a prominent role in the most significant fintech and payments transactions in the market, including the development of Westpac’s banking-as-a-service platform and related partnerships, the Commonwealth Bank’s investment in Klarna, and Zip’s move to direct scheme membership with Visa.
The new offering is expected to be progressively deployed to Bendigo Bank merchants from the first half of 2021, with Tyro to deploy more than 26,000 payment terminals in 2021 for the Bank’s business customers.
