Banking platform provider Mambu has announced that Australian business bank Tyro has selected Mambu’s cloud-native banking platform to deliver its first term deposit product. Mambu reports that this is the first Australian deposit-taking institution (ADI) to incorporate its platform.
According to a release, Mambu’s platform completed 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. The new partnership with Mambu will enable Tyro to deploy a range of new banking products as the company continues to expand its product offering, with Mambu’s composable banking approach offering the flexibility to quickly adapt in response to their customer needs.
Tyro CEO Robbie Cooke said the agreement with the German-based Fintech would enable 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,” said 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.”
Myles Bertrand, Managing Director, APAC, Mambu said they 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.”