Customers to automatically receive an itemised digital receipt
Commonwealth Bank has chosen Australian fintech provider Slyp to come up with a digital product that will send itemised digital receipts in a customer’s banking app, after they’ve paid with their card or digital wallet at participating retailers.
Slyp’s digital receipt application can be embedded into existing banking apps meaning that once integrated, Commonwealth Bank (CBA) to 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.
Angus Sullivan group executive retail banking services at Commonwealth Bank said Slyp’s technology provides an intuitive solution to an everyday problem for its 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.
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.
“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,” Sullivan said.
With CBA’s investment, all four of the major Australian banks have a minority equity stake in Slyp. Its digital receipt platform presents an opportunity to create a unified digital receipt standard.
This is one of the first times 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.
Paul Weingarth, CEO and co-founder of Slyp, said: “This latest partnership with CommBank is a 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.”
