The Royal Bank of Scotland has announced a new payment platform “Tyl.” The system is said to make it easier for small businesses to receive payments and manage cash flow. RBS says this new payment platform should aid small businesses during a challenging time due to COVID-19.
Tyl is a point of sale payments system that accepts contactless, chip & pin, as well as telephonic payments. The bank says the launch to Scottish customers is part of a strategic rollout across the UK.
Tyl provides next-day settlement for users so the money shows up in under 48 hours. RBS adds that it is waiving terminal and 3G fees for Tyl customers until the end of 2020.
Tyl expects to have terminals with customers within 24 hours of ordering and will provide smart data-led insights to help its customers make informed business decisions.
Malcolm Buchanan, Scotland Board Chair, said with COVID-19 driving a significant shift in the economic landscape, they recognize their role of helping to support businesses:
“Tyl is the latest development in our portfolio of new and innovative customer focused services as we seek to maintain our commitment to developing new technologies that enable our business customers to meet the daily challenges they face, whilst also helping to build resilience and provide opportunities for growth.”
Mike Elliff, CEO of Tyl, explained that Tyl is an innovative new payment service for customers in Scotland.
“We hope that our easy onboarding process, next day settlement, straightforward pricing and the fact that we are supported by a large, trusted bank will help our customers to increase their use of card and contactless payments during this difficult time, when business are having to adapt to a world of social distancing and remote shopping. Community is a core part of Tyl’s approach and in addition to offering all our customers support through free terminals for the rest of 2020, we donate to charity for every single transaction we make for our customers.”