Banking News

eftpos promotes successful use of its "Hub"

eftpos promotes successful use of its “Hub”

(19 May 2017 – Australia) Australian payment processor eftpos has advised members of the successful use of its Hub.

The firm said the Hub is “mission critical infrastructure” linking the country’s payment industry, and simplifying technology launched more than 30 years ago.

"The Hub is a massive milestone for us, enabling contactless POS transactions, ATM and digital," a spokesman for eftpos said.

Since its 2014 launch, the Hub has grown to incorporate 11 direct connectors processing payments and transactions for the Big Four banks, two major supermarkets, Cuscal, First Data (which also supporting Bank of Queensland, Citi, ASL and Indue), Suncorp and Tyro.

eftpos says the Hub will assist in launching new payment products faster and more efficiently that was possible on the older infrastructure. Current services being developed by the platform, and planned for release this year include:

Settlement service: this will calculate and direct the net-settlement position on behalf of members – a single point of change that removes the cost burden, both operationally and ongoing as the market grows.
eftpos disputes and chargebacks: a simplified online workflow designed to manage and resolve disputes and chargebacks - quickly and accurately. This service is integrated with the eftpos settlement service to further drive efficiencies and Member value.

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