In August 2021 Finfeed changed from a website that covered ASX listed news to a website
that covered a select range of ASX
listed small cap Biotech stocks that we are personally invested in: find out more.
The old Finfeed website, and all of the old articles are kept here for record keeping purposes.VISIT NEW SITE
Major banks route ATM transactions via eftpos Hub
2 minute read
eftpos recently announced that two major banks including ANZ are now routing their ATM transactions via their new centralised payments infrastructure, the eftpos Hub.
Other major banks are expected to follow in coming months.
ANZ’s Head of ATM and International Banking, Ms Jodie Leetet said: “We’re pleased to be partnering with eftpos to connect our ATM transactions to their new Hub, as it will allow us to quickly and efficiently deploy upgrades to our ATMs to support emerging mobile and contactless technologies.”
eftpos Managing Director, Mr Bruce Mansfield, said the eftpos Hub enabled industry participants to move ATM traffic away from the old and complex bilateral network and more easily upgrade their ATM fleets for innovation and changes such as the imminent move to EMV for better security against fraud.
The hub has been in operation since September 2014, when the first consumer transaction was made in Freshwater on Sydney’s Northern beaches.
It was the first of billions of transactions to flow through the Hub.
The eftpos Hub links the entire Australian payments industry through a central point and processes eftpos CHQ and SAV transactions for merchants and consumers, no matter where they are across the nation. It replaces a network of complex bilateral links between financial institutions and merchants that has existed since eftpos was first launched in Australia almost 30 years ago.
Since being launched in September 2014, the Hub is already processing almost 2 million eftpos CHQ and SAV transactions a day, and it recently processed its 200 millionth transaction.
“The eftpos Hub is a cost effective, reliable, secure and real time platform that provides the industry with new processing opportunities like ATM,” Mr Mansfield said.
“This is particularly important given the industry’s drive to move their ATM fleets and transaction processing to EMV (smart chip technology) security by the end of 2016.”