Eftpos’ new centralised payments hub has gone live. The new system replaces the existing network of bilateral links between financial institutions and merchants.
Eftpos claims a new era for the nation’s most widely used payments network has begun. The new infrastructure is said to enable the adoption of new payment products faster and more efficiently. These products include online, contactless and mobile payments.
Bendigo and Adelaide Bank, ING Direct, Suncorp Bank and Strategic Payments Service (SPS) are already connected to the hub. The first of the big four banks, ANZ, is expected to follow before the end of the year.
Eftpos managing director, Bruce Mansfield, said the network will boost payments efficiency and innovation.
“Just 11 months after we signed a contract with FIS to build the eftpos Hub, we are now live with a number of financial institutions and processing eftpos CHQ and SAV transactions.”
“We expect all of our members to be connected to the hub by September 2015, marking a significant achievement in industry cooperation.”