- FIS building a payments hub to process eftpos transactions, the most widely used debit card system in Australia.
- The hub infrastructure will replace existing bilateral networks.
- Advantages of the new infrastructure include reduced costs, faster innovation and greater efficiency of payments.
Reinforcing its position as a world leader in payments switching, FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, announced today that it has been selected by eftpos to build its new Australian payments hub.
The most commonly used debit card system in Australia is eftpos and it accounts for roughly 70% of the country’s debit card transactions. FIS’ global EFT switching software will be at the heart of the new hub infrastructure, replacing Australia’s current bilateral networks and processing millions of eftpos transactions each day across the country. The eftpos payments hub will be operational in 2014.
The payments hub aims to cut costs, reduce complexity and improve efficiency. More importantly, it will facilitate the fast and efficient introduction of new payment technologies including contactless, mobile and online by centralizing those changes in a single system. As online and mobile platforms expand in the country, it also will help support local choice and competition in the Australia payments market.
“We are delighted to be working with eftpos on this project. This is the latest in a long string of financial services organisations turning to FIS for their switching needs due to our unique and advanced solutions that improve processing networks worldwide,” said Richard Palmer, Managing Director, FIS Australasia. “FIS powers some of the world’s largest payments switches and has developed an enviable reputation for delivery and innovation.”
“This is a very significant development for eftpos and the industry because it will help us to maintain our position as a competitive, domestic payments option in the Australian market for many years to come, promoting healthy competition, choice and innovation,” said Bruce Mansfield, Managing Director, eftpos.