RBS to support SMBs amidst COVID-19 pandemic with Tyl

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Royal Bank of Scotland (RBS) today announced the launch of a payment venture, Tyl in a bid to enable SMB customers across the UK to receive payments and maintain cash flow amidst COVID-19 and beyond. It allows small businesses to accept Chip & PIN, contactless and telephonic payments either in-store, over the phone or online via a mobile terminal. Tyl offers next-day settlements for users and aims to have terminals with customers within 24 hours of ordering along with customer on-boarding and simple pricing.

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.”

RBS stated that through Tyl, Scottish customers will gain access to a card acquiring capability as well as tools for business growth. It provides smart data-led insights to help its customers make informed business decisions. Recently, Tyl waived off terminal and 3G fees until the end of 2020, in a bid to strengthen its support for small businesses during the coronavirus pandemic.

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.”