CBA partners with Australian fintech provider Slyp
The collaboration will allow customers to automatically receive an itemised digital receipt in their banking app when they pay with their card or digital wallet at participating retailers.
Commonwealth Bank today announced a partnership with Australian fintech provider Slyp that will allow customers to automatically receive an itemised digital receipt in their banking app when they pay with their card or digital wallet at participating retailers.
Slyp’s digital receipt application can be embedded into existing banking apps. This means that, once integrated, CBA will feature digital receipts in the CommBank app, making it easier for customers to manage returns, warranties and financial management, and further extend the capabilities of its industry-leading banking app.
Slyp directly integrates the receipt information from the merchant’s point of sale system, matching it to the customer’s card and displaying it inside their banking app. Additionally, this new technology comes at an opportune time with the increased focus on hygiene, which has seen retailers accelerate the move towards cashless payments in their outlets.
With CBA’s investment, all four of the major Australian banks have a minority equity stake in Slyp.
Slyp’s digital receipt platform presents an opportunity to create a unified digital receipt standard. This is the first time an independent fintech has collectively had the backing of all four majors.
The fintech will continue to operate independently by the founders. CBA will have a representative on the Slyp Board, which is chaired by Stuart Harker, former global retail lead partner at PricewaterhouseCoopers.
