Commonwealth Bank of Australia announces its partnership with Slyp, an Australian fintech provider. The collaboration will allow the bank’s customers to automatically receive an itemised digital receipt in their banking app when they pay with their card or digital wallet at participating retailers.
The digital receipt application, developed by Slyp, can be embedded into existing banking apps, so when its integrated, CBA will feature digital receipts in the CommBank app. The new feature will make it easier for customers to manage returns, warranties and financial management, as well as further extend the capabilities of the banking app.
Commonwealth Bank Group Executive Retail Banking Services, Angus Sullivan, stated:
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.
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,” he said.
Paul Weingarth, CEO and co-founder of Slyp, commented:
This latest partnership with CommBank is a major breakthrough for the Slyp network. To deliver a truly ubiquitous industry standard of digital receipts, we knew early on that we would need to partner with the banks. 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.
Through the implementation of Slyp, the receipt information from the merchant’s point of sale system will be directly integrated, matching it to the customer’s card and displaying it inside their banking app.
In addition, the new solutions will prove necessary in the current increased focus on hygien time, which prompted retailers to move towards cashless payments in their outlets.
COVID-19 has been a catalyst for retailers to encourage contactless, digital payments in their stores. Digital receipts are a natural extension to this, which will benefit both shoppers and retailers.
Slyp is the first independent fintech that has backing from all four major Australian banks. The company will continue to operate autonomously. CBA will have a representative on the Slyp Board, which is chaired by former global retail lead partner at PricewaterhouseCoopers, Stuart Harker.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.