eftpos has released a report in collaboration with FinTech Australia, delivering ten recommendations outlining how Australian FinTechs can best leverage the eftpos digital roadmap and API programs, and work in partnership for the betterment of Australia’s digital economy.
Representatives from ten leading FinTech businesses along with eftpos, developed the set of recommendations to streamline access to the eftpos network and to safeguard Australia’s domestic cards payment infrastructure to achieve the competition, innovation and productivity sought by the Australian FinTech community.
eftpos’ Chief Information Officer and Committee Chair, Ben Tabell said the Committee provided invaluable insights and feedback at a time when the company was rapidly expanding in the digital space.
“Enabling Australian FinTechs a direct avenue to discuss how they partner and collaborate to access the eftpos payments network through the Committee resulted in recommendations that covered a number of central themes, including consultation and engagement, regulation, and technology and solutions,” Mr Tabell said.
“Through our ongoing collaboration we expect eftpos can build on its efforts to make it easier for Australian FinTechs to access the eftpos network and our products and services, in order to build their own businesses and payment experiences that can work across a broad range of connected devices in the digital economy.”
“FinTechs are a dynamic and growing sector of our economy, and of crucial importance in the payments space. eftpos is proud to be a market leader in developing digital payments solutions in collaboration with Australian FinTechs, with one example our card-linked offers loyalty solution with Verrency,” Mr Tabell said.
CEO of Paypa Plane and Chair of FinTech Australia, Simone Joyce said the eftpos FinTech Advisory Committee enabled productive, honest and fruitful discussions, resulting in a suite of insightful recommendations.
“It was inspiring to see representatives from the Fintech Community come together as part of the eftpos Fintech Advisory committee with a common set of goals in mind – including supporting a digitally-enabled future for payment systems and creating an accessible, competitive and collaborative innovation environment,” Ms Joyce said.
Report recommendations included continuation of the Committee for another 12 months to deepen relationships and the exchange of ideas, closer engagement in the drafting of new eftpos rules for both traditional processing and new eftpos businesses, and exploring options to streamline sponsorship arrangements to enable better access for FinTechs.
Additional recommendations in the report include exploring existing and emerging technologies to create new digitised mobile initiated payment experiences, establishing dedicated eftpos relationship managers for FinTech partners and consultation with the Committee on future eftpos API strategy planning and the eftpos Board regarding key recommendations.
The following ten leading FinTech companies joined the eftpos FinTech Advisory Committee, meeting over five months and whose collective contributions helped create the initial report.
- Assembly Payments
- Paypa Plane
eftpos is Australia’s debit card system, processing over 2 billion debit card transactions in 2020 worth an average of more than $300 million each day.
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