SME mobile banking challenger, Tyro, in an Australian first, has opened up business banking options for SME’s by marrying homegrown tech to Apple’s voice-activated Siri technology.
Tyro Smart Account customers can access their daily settlements from their Tyro EFTPOS terminals - by engaging Apple’s smartphone assistant, Siri - which can be used to pay bills and business costs.
The breakthrough offers an entirely paperless - and ultimately swipeless banking experience - by reducing the transaction to something like, “Hey Siri, pay $250 to water bill using Tyro”.
Jost Stollmann, Tyro executive director, told AB+F the breakthrough provided the starkest of contrasts for consumers where open access technology was married to innovation for the concumer.
“Apple has reaped the benefits of sharing access to its app platform, with revenue of around $28 billion through sales of third-party developers’ apps on the App Store in 2016,” Stollmann noted.
“Yet with the NFC capability in their devices, they are refusing to allow others to access the technology, refusing to let others innovate on top of it. At the end of the day, that can only mean consumers will be worse off,” he said.
First among equals
Tyro is the first transaction account in Australian to provide for Siri-directed payments.Chief executive Gerd Schenkel said the technological breakthrough would allow owners to spend less time on paperwork and more time on growing their businesses.
“Using Siri to pay bills is the way of the future for Australia’s two million businesses, who employ seven million Australians and are the bedrock of the national economy,” Schenkel said. “With nearly eight million iPhone users in Australia, this is a win for time-starved merchants.”
He added that Siri gives SME’s the freedom to pay bills and other overheads wherever they are, in only a few seconds and with minimal key strokes.
According to Graham Lea, Tyro senior product manager, the Tyro-Siri integration is a great example of the ultimate, end-user benefits likely to be unleashed to consumers from open APIs and platforms.
“There was no need for us to coordinate with Apple to bring this innovation to market. We simply built on top of the new Siri capabilities - opened up in the latest major iOS release - and updated the Tyro App," he explained.