Tyro deploys ‘composable banking’ platform for term deposit offering

Robbie Cooke Tyro
Robbie Cooke, CEO, Tyro

Tyro’s recently launched term deposit service will be housed on a new cloud-native banking platform, with the fintech announcing it has successfully deployed Mambu’s ‘composable’ core banking system.

The SME specialist fintech becomes the first Australian ADI to adopt Mambu’s ‘composable’ core banking platform, which will serve as host for the digital bank’s term deposit service.

Tyro, which earned its ADI stripes back in 2015, earlier this year announced a successful pilot of its unique business-only term deposit product. The service will be accessible through the Tyro App.

Mambu’s ‘composable banking’ platform is pitched as an iterative and scalable cloud-native system, supporting a number of core banking functions, including current accounts, loans, deposits, mortgages.

The Germany-based SaaS developer said its composable banking platform provides a new design and delivery framework for FSIs based on the “rapid and flexible assembly of independent, best-for-purpose systems”.

Built with an explicitly open API-ready architecture, the platform also supports streamlined integration of third-party services.

The new partnership will present expansion possibilities across Tyro’s product offerings, the fintech said in a statement, providing “flexibility to quickly adapt in response to… customer needs”.

Tyro chief executive Robbie Cooke said the agreement would allow the fintech to allocate more engineering resources to build out its 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,” Cooke said.

“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.”

While Tyro has sought to branch out its customer offerings to various SME banking and lending products, it remains at its core a payments business.

The digital-only fintech, founded in 2003, is currently Australia’s fifth largest merchant acquiring bank based on the number of terminals in the market. Its proprietary core payments platform was built in-house for credit and debit card acquiring.

Tyro offers its payments and banking services to more than 32,000 Australian merchants, processing more than $17.5 billion in transaction value, it said.

Cross-border payments giant TransferWise, which operates locally through its Australian arm, earlier this year announced the adoption of Mambu as part of its core infrastructure stack.