Catuity Inc. (NASDAQ:CTTY) (Australia:CAT.AX) (Australia:CATN.AX), a loyalty and gift card processor, today said that it had completed integration to the merchant services platform of Commonwealth Bank of Australia, the nation's largest merchant processor.
The completion of the integration means that Catuity, through its Melbourne-based division Loyalty Magic, is ready to service any of the 163,000 merchants already on the Commonwealth Bank's XPOS platform. The bank provides credit and debit card processing services and a growing list of value-added services through the EFTPOS facility that create revenue-generating opportunities for merchants. Loyalty Magic's diverse range of loyalty programs is now available on the platform.
An EFTPOS facility is the same as a POS terminal in the U.S. market.
"This eliminates two key hurdles in our sales process because our client will not have to buy a new terminal or manage the risk of a technology deployment. This is an important strategic development for Catuity," said John Racine, President and CEO of Catuity Inc. "In both Australia and the U.S. we are positioned to see the gains from pro-actively integrating to leading point-of-sale and EFTPOS devices. In partnering with Commonwealth Bank, which is widely recognized as a market leader, we are again working with partners to accelerate our growth by delivering turnkey programs to merchants."
Chris Leach, CEO of Loyalty Magic, added: "CommBank's X-POS strategy gives us access to the leading network of merchants who can literally be ready to start making money from our loyalty solution at the push of a button. By eliminating these barriers to doing business with us, it greatly enhances our ability to grow our marketshare across Australia."