Leading SaaS provider Mambu has announced fast-growing Australian business bank Tyro has adopted Mambu’s cloud-native banking platform to deliver its first term deposit product.
Tyro becomes the first Australian ADI to adopt Mambu’s platform following a successful pilot of the term deposit product earlier this year. Described as a ‘technology-led disruptor to the Australian payments industry’, Tyro offers payments and value-adding banking products to more than 32,000 merchants.
The partnership with Mambu will allow Tyro to deploy a range of innovative 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. Composable banking refers to the design and delivery of financial services based on the rapid and flexible assembly of independent, best-for-purpose systems.
Utilising Mambu’s cloud-native and API first platform will enable Tyro to quickly and efficiently roll out its products to customers including transactions and savings accounts and term deposits, as well as other banking products to address the needs of SME customers.
Tyro CEO Robbie Cooke said the agreement with the German-based SaaS provider 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,” 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.”
Myles Bertrand, Managing Director, APAC, Mambu added: “It is an exciting time for the financial services industry in Australia and 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.”