The Covid-19 coronavirus has understandably caused worldwide concern and uncertainty. And we know that here in the UK there will be economic and public health implications and serious challenges to be faced by the heroes in our National Health Service and others assisting during this time of adversity.
We want to assure you that one thing you do not have to worry about during this stressful time is your Tally banking account and Tally gold holding.
Tally is in a good position with regard to operating its full reserve banking platform during this pandemic. As a digital NBFI (non-bank financial institution), nearly all of our business activities are carried out digitally, enabling Tally to be operated remotely. The two areas that require physical application are (a) relying on a service provider for the moving of physical gold (as and when required), and (b) for the production and mailout of physical Tally debit Mastercards.
With regards to (a), fortunately the vaulting and movement of physical gold is a highly safeguarded activity with a low number of people involved and it is conducted in a contained controllable environment. So there should be no disruption to this business component. Regarding (b), we are working closely with our card manufacturing partners to determine if and when they will have to stop sending out cards, and we will keep new customers informed on this status. If card manufacture does have to stop due to a lock-down situation, your digital Tally debit card (which you can find within your app) will still work for online purchases, and we are discussing with our banking API provider to determine their capability to enable virtual cards to be used at merchant physical point-of-sale via ApplePay and GooglePay. We will keep you updated on this.
The health and wellbeing of our team is always a top priority. In line with the latest government advice, like a lot of you, most of our team are now working remotely in order to minimise non-essential contact. Many of our staff regularly work out of the office and we have the necessary technology in place to enable this to happen. We are also upgrading some of our systems to improve remote access and efficiency.
Regardless of where they are working from, the Tally team is well-organised and will continue to provide access to Tally and support our customers. And we are aware that Tally delivers an important product that is likely to grow in need for many people as the financial effects of the coronavirus and central bank countermeasures are increasingly felt.