FIS, the banking and payments technology provider, has been selected by eftpos to build its new Australian payments hub. eftpos is Australia’s most widely used debit card system, accounting for about 70% of transactions.
In a statement, FIS said that its global electronic funds transfer (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. It will also facilitate the fast and efficient introduction of new payment technologies including contactless, mobile and online by centralising 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.
“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.
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