Tyro announced it is partnering with Bendigo Bank, to create a long-term merchant acquiring alliance. Under the alliance, Tyro will deliver its leading card-present and card-not-present payments solutions to Bendigo Bank's merchant acquiring customers, providing greater functionality, more payment options, enhanced reliability and seamless cloud integration to more than 300 point of sale systems. Bendigo Bank will continue to provide all other banking services to these customers. Tyro expects to deploy more than 26,000 Tyro terminals in 2021 for the alliance, increasing its terminal fleet to just above 89,000 terminals. The parties have entered into a suite of definitive legal agreements with the following key features: The key joint objective of the alliance is to provide a best-in-class payments solution to Bendigo Bank's business customers. Tyro will exclusively provide merchant acquiring services to Bendigo Bank's existing merchant acquiring customers and Bendigo Bank will exclusively refer new merchant opportunities from its business customer base to Tyro, all under a co-brand. Economic benefits of Bendigo Bank's existing merchant service contracts will move to Tyro on completion (expected to occur in the first half of calendar 2021): Tyro is purchasing Bendigo Bank's existing merchant acquiring arrangements (essentially its merchant service contracts and associated goodwill); Bendigo Bank will receive upfront consideration of $9 million and an on-going gross profit share from existing and newly referred Bendigo Bank business customers who use Tyro's merchant acquiring services; and the alliance has an initial 10-year term with provision for extension by agreement for additional five-year terms. Bendigo Bank will provide transitional services to Tyro for an expected 90 days from completion to enable Tyro to progressively deploy its payments solutions to Bendigo Bank business customers. On expiry of the alliance, all Bendigo Bank transferred and referred customers remain with Tyro, with Bendigo Bank's gross profit share to continue while those customers are served by Tyro.