Royal Bank launches ‘Tyl’ to help Scottish business build for the future
Royal Bank of Scotland has announced the launch of a new, innovative payment partner in Scotland. ‘Tyl’ is designed to make it easier for small business customers across the country to receive payments and maintain cash flow during COVID-19 and beyond.
30 June 2020
Part of the bank’s portfolio of innovation ventures, Tyl enables small businesses to accept Chip & PIN, contactless and telephony payments either in-store, over the phone or online using a mobile terminal.
The launch to Scottish customers is part of a strategic rollout across the UK with the Tyl team having worked collaboratively with UK based SME customers to design and deliver a new proposition suited to their needs.
Tyl provides next-day settlement for users, ensuring money is in their bank account the next business day, which has been a crucial factor in assisting businesses with cash flow during the coronavirus pandemic. Tyl has helped SMEs adopt social distancing guidelines efficiently by helping them adapt their business from in-store to online or collection models, a reaction to increasing consumer preferences for contactless payment methods. Tyl has gone further in its commitment to supporting small business during coronavirus by waiving terminal and 3G fees for Tyl until the end of 2020.
Tyl aims to have terminals with customers within 24 hours of ordering and provides straightforward customer on-boarding and simple pricing, Tyl also provides smart data-led insights to help its customers make informed business decisions. Scottish customers will have access to a sophisticated card acquiring capability (in-store and online), as well as tools to help them manage and grow their business and give back to their local communities.
Malcolm Buchanan, Scotland Board Chair, said: “With COVID-19 driving a significant shift in the economic landscape, we recognise our role in helping to support businesses and we are proud to launch Tyl to our Scottish customers.
“Tyl is the latest development in our portfolio of innovative, customer focused ventures 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, Tyl said: “Tyl is designed to help make it easier for customers to receive payments and maintain cash flow during this difficult time.
“Developed in partnership with our SME customers, we hope to support Scottish businesses with straightforward set-up procedures, simple pricing and next working day settlement as well as by providing insightful data, enabling businesses to make informed decisions and create more meaningful customer relationships.
“At Tyl we also want to champion business as a force for good, building better communities across Britain, one transaction at a time. The Tyl giving pledge commits to giving a proportion of revenue back to local community initiatives.”
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Waiving of terminal hire fees represents a saving of between £16.99 and £21.99 per month (+VAT) depending on choice of terminal from 1st April to 31st December 2020.