By Aimee Chanthadavong

eftpos is revitalising its network payment system by building a centralised payments hub in hope to revitalise the company’s core network and bring new domestic products to market faster.

The company has signed an agreement with FIS to build the new hub which was designed to process millions of eftpos transactions every day, and streamline the work associated with product enhancements, such as eftpos contactless, online and mobile payments.

eftpos managing director Bruce Mansfield said eftpos said the hub would replace a network of complex bilateral links between financial institutions and merchants, which has been existence since eftpos cards were first launched in the Australian market in the 1980s.

“This new hub has the potential to be one of the most significant developments in Australia’s payments industry since eftpos cards first entered the market almost 30 years ago,” he said.

“It will not only help us to get our products to market much faster, but it also aims to significantly reduce the costs associated with product implementation for the industry as a whole. It means that any system changes or product enhancements will be done once centrally, rather than requiring participants to make multiple changes.”

Mansfield said eftpos expected the first industry players to be connected to the new eftpos hub in 2014.

“Over the past three decades, eftpos has been a trusted, secure and accessible payment option for Australian consumers and merchants and we are determined to see that remains the case into the future,” he said.

“This project will help us to retain local choice and competition in the Australia payments market as we move to new technology platforms such as mobile and online.”