As Canada's 1.2 million small and medium-sized businesses (SMBs) look to grow, Elavon to provide payment processing for CIBC acceptance and merchant services platform
TORONTO, Jan. 11, 2023 /CNW/ - Meeting the needs of small-and medium-sized businesses, CIBC, together with Pollinate, announced today that Elavon has been chosen as the payment processor to power payment processing on a platform called Tyl by CIBC that will provide products, services and tools for business banking clients.
Tyl by CIBC will support startups, small businesses, and entrepreneurs with side hustles to make their ambitions a reality. Entrepreneurs work hard to realize their ambitions, and this platform is uniquely positioned to meet their needs. A cloud-based, digital-first platform, Tyl by CIBC enables safe and secure payments acceptance, provides easy point-of-sale technology, and offers a range of additional services and capabilities — such as allowing for merchants to offer loyalty programs to their customers.
"With Tyl by CIBC we are delighted to help entrepreneurs and business owners achieve their ambitions and grow. By bringing an integrated bank-based acquiring solution to them – working with Elavon to underpin the platform – they can have the innovation they need with the security and backing of a leading bank." said Chris Sweetland, Senior Vice-President, Payments, Strategy and Transformation at CIBC. "As we support the ambitions of entrepreneurs and business owners across Canada, Tyl by CIBC will help them process their customer payments but also provide other tools and products to effectively run their business."
Elavon is one of the world's largest payments processors, handling more than five billion transactions for clients every year.
"Elavon is proud to be the partner of choice to help deliver Tyl by CIBC to Canadian small businesses," said Jamie Walker, CEO of Elavon. "Elavon works with millions of businesses worldwide and shares CIBC's commitment to providing simple, innovative solutions that ensure customer satisfaction."
In launching Tyl by CIBC, the bank joins a global alliance of tier one banks focused on creating powerful, integrated experiences for their SMB clients, starting with acquiring. Other banks in this alliance include NatWest and National Australia Bank.
"Small businesses worldwide are facing unprecedented challenges, and it is an honour to work with banks so committed to their success," said Fiona Roach Canning, Co-founder of Pollinate. "We continue to see consistent trends in the needs of SMBs across countries and are delighted to partner with Elavon in Canada as we serve merchants everywhere together."
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.
Pollinate enables banks to offer cutting-edge digital tools to their small business customers and to consumers, transforming the profitability of a traditional acquiring business. Pollinate has built a Global Alliance of like-minded banks, committed to harnessing the power of data to create powerful digital experiences. Partners and investors include NatWest, National Australia Bank, CIBC, Insight Partners, Fiserv and Mastercard.
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. Elavon is wholly owned by U.S. Bank (NYSE: USB), the fifth-largest bank in the United States, and provides end-to-end payment processing solutions and services to more than 2 million customers in the United States, Europe, and Canada. As the leading provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon's innovative payment solutions are designed to solve pain points for businesses from small to the largest global enterprises.