Australia's key electronic card payment system, Eftpos, will commence building a centralised payment hub to accelerate the delivery of domestic products to market.
The hub will be built in partnership with banking and payments software vendor, FIS, with intent to replace a network of complex bilateral links between financial institutions and merchants which started when Eftpos cards were launched in the Australian market in the eighties.
According to a statement, this will be done by streamlining the work associated with product enhancements, such as Eftpos contactless, online, and mobile payments.
“This new hub has the potential to be one of the most significant developments in Australia’s payments industry since EFTPOS cards first entered the market almost 30 years ago,” Eftpos managing director, Bruce Mansfield, said.
Mansfield claims it will bring products to market faster, and significantly reduce costs associated with product implementation for the industry as a whole.
“It means that any system changes or product enhancements will be done once centrally, rather than requiring participants to make multiple changes,” he said.
“This project will help us retain local choice and competition in the Australian payments market as we move to new technology platforms such as mobile and online.”
Eftpos expects the “first industry layers” to be connected to the new Eftpos hub in 2014.