Utter nonsense yet again18 Mar 2020 13:30
We know you are receiving a lot of company updates on the COVID-19 Coronavirus, but it is important we keep our shareholders up to date on how we are managing this situation.
The 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 NHS and others assisting during this time of adversity.
We have been in touch with all our customers today to let them know that one thing they do not have to worry about during this stressful time is their Tally banking account and Tally currency (and physical gold holding it represents).
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 manufacturing does have to stop due to a lock-down situation, digital Tally debit cards (which customers can find within their app) will still work for online purchases, and we are discussing with our banking API provider about expanding their capability to enable virtual cards to be used at merchant physical point-of-sale via ApplePay and GooglePay.
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 the Tally currency 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.
Another update on the Company will be provided via RNS by the end of the month.
Kind regards,
Cameron Parry
CEO Tally
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