Australian business bank Tyro is to implement Mambu’s cloud-native banking platform to deliver its first term deposit product.
As a result, Tyro becomes the first Australian ADI to adopt Mambu’s platform. This follows a successful pilot of the term deposit product earlier this year. Tyro offers payments and value-adding banking products to more than 32,000 merchants.
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According to the parties, the partnership with Mambu will allow Tyro to deploy a range of innovative banking products. Mambu’s composable banking approach aims to offer the flexibility to adapt quickly in response to their customer needs. Composable banking means design is based on the rapid and flexible assembly of independent, best-for-purpose systems.
Tyro, Mambu: innovation and speed to market
Tyro CEO Robbie Cooke says the agreement with the German-based SaaS provider enables Tyro to allocate more engineering resources to developing new solutions to add to its growing product suite.
“We’ve built a reputation on innovation and our speed to market. Adopting Mambu’s solution lets our engineers spend less time maintaining the platform and more time developing new products and features which can be delivered even faster,” says Cooke.
“Our continued focus is on integrated solutions which simplify payments and banking for our merchants and enable us to scale our business. The term deposit product we are delivering on the Mambu platform is the perfect example of that.”
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By GlobalDataMyles Bertrand, Managing Director, APAC, Mambu adds: “It is an exciting time for the financial services industry in Australia. We look forward to working with Tyro as it continues to lead the way in the Australian marketplace.
“By taking a composable banking approach, Tyro can create modern customer experiences to compete and constantly evolve. We are well-placed to ensure Tyro stays on the cutting-edge of modern banking technology as the fastest, most agile solution on the market.”
