Major banks route ATM transactions via eftpos Hub
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.”
For more about what is happening in the ATM sector:
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.