The corporate venture capital arms of National Australia Bank and Westpac have led a $2 million seed funding round into Sydney \u2018smart receipt\u2019 start-up Slyp.\nThe technology provided by Slyp \u2013 previously known as Ping Data \u2013 captures a shopper's itemised purchase data from a store\u2019s point of sale software and pushes it to the customer\u2019s mobile and online banking apps as an \u2018interactive smart receipt\u2019.\nAs well as offering convenience for consumers, Slyp says its smart receipts present \u2018new propositions\u2019 for merchants and retailers such as the ability to include warranty alerts, special offers, returns reminders or user manuals.\nIt also promises to alleviate the significant environmental and public health costs associated with paper receipts.\n\u201cIt feels like you can tap anything these days to make a payment and do it seamlessly. But at the end of the transaction we still receive these centuries old cumbersome paper receipts. They\u2019ve kind of been left behind in the evolution of technology. As everything has migrated into the smart world we\u2019re still getting these analog paper receipts,\u201d Slyp co-founder and CEO Paul Weingarth told CIO Australia.\n\u201cThey\u2019re a pain for customers, and they\u2019re a missed opportunity for merchants and retailers \u2013 we can turn the end of that transaction into the start of a relationship and engagement opportunity,\u201d he said.\nOver the past year NAB has run a proof of concept using Slyp with a handful of merchants and a few hundred customers. In the coming months the start-up will announce launch merchants and \u201cadditional strategic partnerships to help Slyp turbo-charge their merchant acquisition nationally\u201d.The availability of Slyp smart receipts will begin with NAB business banking customer merchants and app-users in 2019.\nWeingarth said the technology works by establishing a \u201cdata pipe from the merchant\u2019s POS\u201d which includes what was purchased and product level information, as well as the electronic funds transfer payload.The data is used to \u201cautomatically match, without touching any card or sensitive data, using other unique identifiers that are dynamic and not specific to that customer to match that with the bank, to find out where to send the receipt and what customer to send it to\u201d.\nAlthough NAB will be the first major bank partner to roll-out Slyp, Westpac is expected to follow suit shortly after. Despite the investment round being led by NAB Ventures and Westpac Reinventure, it is hoped Slyp will become a utility used across all banks.\n \n\u201cWe are relatively invisible to the customer, we augment and enhance NAB\u2019s existing channel and that opens up distribution to their millions of app users and then ultimately that\u2019s the driving force to bring merchants onto the network,\u201d Weingarth said.\n\u201cWe\u2019re engaging with all the banks. We\u2019ll be rolling this out to the other banks sooner rather than later,\u201d he added.\nThrough its bank partnerships, Slyp\u2019s goal is to reach more than 7 million Australians by the end of next year.\nSlyp boasts a number of Australian payments technology figures: Weingarth was previously head of strategic partnerships, business development, at PayPal ANZ; CTO Spiros Rokos was Paypal ANZ\u2019s head of sales engineering for more than a decade, while chief data officer Mike Boyd was previously group data officer at ANZ bank.\nNAB Ventures\u2019 managing director Todd Forest and Westpac Reinventure managing director Danny Gilligan have each joined the company board as part of the investment. The Slyp board will be chaired by Stuart Harker, formerly global lead advisory partner for retail and consumer goods at Price Waterhouse Coopers.\nWhile NAB has offered customers the ability to view merchant details and contact information from its banking app, Slyp \u201cgoes to another level, 10 times deeper\u201d Forest said.\n\u201cWe see great upside in this solution from both a retail customer point of view, but also for small business customers, particularly for reducing the administration burden around taxation requirements,\u201d Forest said.\n\u201cWe\u2019re the foundational partner and will be the first to roll it out. But there\u2019s a network effect so it needs to be broader than just NAB customers and merchants,\u201d he added.\nWestpac Reinventure\u2019s Gilligan, said: \u201cConnectivity of data across industry sectors is an important and valuable problem to solve."Slyp have been able to do that in a way which materially enhances consumer experiences and delivers real value for merchants and banks at the same time. We are thrilled to be on the journey with the team at Slyp and excited by the opportunities that lay ahead.\u201d\nIn September, NAB announced it was doubling down on its $50 million venture capital fund by adding another $50 million to the pot over the next two years. Slyp joins around a dozen start-ups which have received the backing of NAB Ventures since it waslaunched in 2015.\nWestpac in May committed a further $50 million to Reinventure. It has invested in around 20 companies since it was established five years ago.