SPS appoints CBA's Adrian Cosenza CEO

Source: Strategic Payments Services Pty Limited (SPS)

Australia's newest payments processing business, Strategic Payments Services Pty Limited (SPS) has appointed Mr Adrian Cosenza, former Group Executive and Head of Group Strategic Development at Commonwealth Bank of Australia, as its Chief Executive Officer.

SPS is a joint venture between Bendigo Bank Limited (40%), Customers Limited (40%) and MasterCard Asia/Pacific (Australia) Pty Limited (20%). SPS is Australia's newest payments processing business focused on delivering innovative and cost effective payment processing services to the Australian and regional market.

Chairman of SPS, Mr Greg Gillett said, "We are both excited and delighted to have attracted and secured the services of such a high calibre senior executive. Adrian~s broad senior executive and Board experience combined with his deep knowledge of the industry will serve us well."

Mr Cosenza has been involved in the industry for over 25 years mainly with Commonwealth Bank of Australia, with over half of this time at the bank in a wide range of senior executive and Board roles. He is one of the very few executives in the industry to have served as a director on the Asia Pacific Boards of global payments companies MasterCard Worldwide as well as Visa International. Mr Cosenza also has experience in smartcard development having served as a director on the inaugural Mondex Australasia board. His deep senior executive banking experience is augmented with the period he served as a director of New Zealand's ASB Bank Limited.

Mr Cosenza said, "The payments industry is undergoing substantial change with regulatory reforms adding to efficiency pressures for all participants. This is a wonderful opportunity to lead the development and provision of state of the art contemporary services to industry that is global best practice."

Mr Rob Hunt, Managing Director of Bendigo Bank Ltd said, "Growing customer demand and regulatory changes have created an opportunity for a new player and fresh leader to develop a new and exciting business. Adrian has the background, credentials and practical experience to give us a flying start. We look forward to and warmly welcome his leadership of this new business."

Mr Cosenza said, "There has been recent speculation that Australia has slipped from its previously pre-eminent position in payments technology. While there is no doubt Australia has a payments infrastructure that is admirably secure, efficient, convenient and reliable it is no longer at world~s best practice."

Highlighting his passion for growth and innovation Mr Cosenza said, "Australia needs to continually innovate and develop new payment services to remain internationally competitive. SPS is determined to contribute significantly in assisting financial institutions, retailers and businesses in general to deliver quality, seamless payments services to their customers."

Mr Greg Baker, Managing Director of Customers Ltd and director of SPS was enthusiastic about the appointment, "Adrian's experience in retail banking, cards, payments and innovative product development will be invaluable in leading a new business like SPS."

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