Australian fintech Slyp now has the backing of all of the big four banks after it partnered with Commonwealth Bank today.
Commonwealth Bank (CBA) announced it had partnered with Slyp on Monday, allowing its customers to automatically receive an itemised digital receipt through the CommBank app when they pay with their card or digital wallet at participating retailers.
The app aims to make it easier for customers to manage returns, warranties and financial management, while doing away with paper receipts.
Commonwealth Bank Group Executive Retail Banking Services Angus Sullivan said the fintech would further extend the capabilities of CBA's "industry-leading" app.
“We are thrilled to partner with the team at Slyp. Their technology provides an intuitive solution to an everyday problem for our seven million digitally active customers," Mr Sullivan said.
“The partnership is also an example of the bank’s goal of leading in technology.
"Integrating Slyp into our core digital channels, we're continuing our journey to build smarter banking experiences our customers will love.”
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CBA's investment makes Slyp the first independent fintech to have the backing of all four major banks, after NAB and Westpac invested in 2018 while ANZ came on board in September 2019.
With the large majority of Australians banking with the big four, the Slyp platform presents the opportunity to create a unified digital receipt standard.
CEO and co-founder of Slyp Paul Weingarth said the partnership with CBA was a major breakthrough for the company.
"To deliver a truly ubiquitous industry standard of digital receipts, we knew early on that we would need to partner with the banks," Mr Weingarth said.
"Now, with their backing we are in a strong position to push towards eliminating paper receipts and provide retailers and banks with a new way to delight and engage their customers post-payment.”
Slyp directly integrates the receipt information from the merchant’s point of sale system, matching it to the customer’s card and displays it inside their banking app.
Mr Sullivan said the new technology couldn't come at a more opportune time, given the increased focus on hygiene due to COVID-19 making cashless payments the preferred way to pay.
“COVID-19 has been a catalyst for retailers to encourage contactless, digital payments in their stores," he said.
"Digital receipts are a natural extension to this, which will benefit both shoppers and retailers.”
Retailers already signed onto the Slyp app include Harris Farm, Bing Lee, Cue fashion and Barbeques Galore.
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