The ‘Tyl by CIBC’ payments system is due to come to Canada later this year thanks to the Canadian Imperial Bank of Commerce’s (CIBC) partnership with Pollinate.
The introduction of the ‘Tyl by CIBC’ service will allow entrepreneurs to receive payments in-person and online, whilst also providing transaction insights through a central interface. The service is expected to debut on the Canadian market later this year.
“Tyl by CIBC is a strategic investment in our commitment to helping Canadian business owners achieve their ambitions through modern, digital technology, and the best of data-led insights, payments, and banking services through one simple and intuitive platform,” said Laura Dottori-Attanasio, Group Head, Personal and Business Banking, CIBC. “Canada has over one million small- and medium-sized enterprises (SMEs), and our new platform will meet their changing needs as we emerge from the pandemic and focus on growth.”
Tyl is a cloud-based digital-first platform for SMEs that enables safe and secure payments acceptance, provides easy point-of-sale technology, and helps users administer loyalty programmes. The platform will also offer integration into CIBC business banking services.
Under the partnership, CIBC is making a strategic financial investment in Pollinate, joining Insight Partners, NatWest, National Australia Bank, Mastercard, Fiserv and EFM Asset Management with an ownership stake in the company and its growing business. CIBC’s partnership with Pollinate will give Canadian businesses access to the Tyl platform, which is being used successfully in other global markets, and is generating a strong, positive response from owners by helping them run and grow their business.
“Banks are in a unique position to be able to connect directly with both merchants and consumers, and we are honoured to be the partner of choice for CIBC and bring the Tyl platform to Canada,” said Alastair Lukies CBE, Founder and CEO, Pollinate. “We’ve seen first-hand the positive response from business owners to our platform in a number of countries around the world, and we’re excited that Canadian business owners will soon have the tools and insights to help their businesses thrive.”