The company is EFTPOS Payments Australia Limited and it manages one of the biggest number of financial transactions in australia.
AUSTRALIAN DEBIT CARD SYSTEM and EFTPOS
The formation of EFTPOS Payments Australia marked an historic point in the evolution in Australia’s most widely used consumer payment system. The new company is owned and funded by its members and has commercial responsibility for managing and promoting the Australian debit card system.
There are 14 initial members: Australia and New Zealand Banking Group Limited,Australian Settlements Limited, Bank of Queensland, Bendigo and Adelaide Bank,Cashcard, Citigroup, Commonwealth Bank of Australia, Coles Group, Cuscal, Indue,
National Australia Bank, Suncorp-Metway, Westpac Banking Corporation andWoolworths.
The Eftpos payments network has been restructured to compete with Visa and MasterCard in the internet payment market. On 29 March 2010, Eftpos Payments Australia Limited (EPAL) will announce the appointment of Bruce Mansfield, formerly of Visa. The aim is to move the network to the internet within two years, which will allow cheaper debit transactions from everyday bank accounts.
EPAL TO FIGHT VISA AND MASTERCARD for Financial transactions volumes
In the past five years as the Reserve Bank's move to regulate credit card schemes led to fee changes which boosted the appeal of debit card transactions via the EFTPOS network.
After spending years arguing against aspects of the RBA's agenda on credit card reform, it came as a big surprise to Fully Frank yesterday that Mansfield had decided to jump ship.From June, he will begin canvassing the virtues of debit cards as the new chief executive of EFTPOS Payments Australia Limited (otherwise known as EPAL).
• APCA began working with participants to enhance the governance structure for the
Australian debit card system in August 2007.
• In its Conclusions of the 2007/08 Review, the Reserve Bank of Australia made the
observation that the Australian debit card system was at a disadvantage when competing
with international card schemes because of its governance arrangements and expected
the industry to make significant progress in addressing this concern by August 2009.
• EFTPOS Payments Australia was established on 14 April 2009.
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APCA Media Release: New Company to Manage Australian Debit Card System
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