eftpos today launched its new eftpos Settlement Service (eSS). This new service is an essential core function in closing out the Company’s transformation phase and demonstrates its ability to increasingly deliver value for Members and the Australian payments industry.
eSS enables the centralised settlement of CHQ and SAV transactions processed via the eftpos Hub. eftpos now determines the multi-lateral net settlement obligation for each Member, and initiates the settlement of those obligations through instructions to the Reserve Bank’s Information and Transfer System (RITS).
eSS replaces all previous arrangements for eftpos POS transaction Settlement, including bilateral arrangements and use of the existing Low Value Settlement Service (LVSS). The launch of the new service required all Members to be technically and operationally ready to go live on the same day, signalling the significance of this industry achievement.
eftpos Acting CEO, Mr Paul Jennings, said: “The successful implementation of the new service is a tribute to the collaboration, dedication and persistence of our Members who have worked cooperatively with eftpos to bring it to life in just 18 months.
“The service is made possible through the recent completion of the eftpos Hub project. With all Members now processing eftpos CHQ and SAV transactions through the eftpos Hub, the ability to deliver value added services that drive operational efficiencies and reduces the cost of change, is key to our value proposition to Members and the Australian payments industry.”