In conjunction with start-up Pollinate, CIBC developed Tyl by CIBC, a digital-first payment acceptance and merchant services platform for small and medium-sized businesses (SMEs) in Canada.
Tyl allows users to handle payments, provide point-of-sale technology, and administer loyalty programs. It is already in use in other regions of the world.
SMEs may collect payments in person and online, as well as transaction information and analytics, through a central hub. According to the bank, the platform also interacts easily with CIBC business banking services.
As part of the transaction, the bank will make a strategic financial investment in Pollinate, joining shareholders Insight Partners, NatWest, National Australia Bank, Mastercard, Fiserv, and EFM Asset Management.
“Tyl by CIBC is a strategic investment in our commitment to helping Canadian business owners achieve their ambitions through modern, digital technology, and the best of data-led insights, payments, and banking services through one simple and intuitive platform,” says Laura Dottori-Attanasio, group head, personal and business banking, CIBC.
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