eftpos has launched the new eftpos Settlement Service. This new Member service is an essential core function in closing out the Company’s transformation phase and demonstrating our ability to increasingly deliver Member value.
eSS is designed to increase efficiencies for Members’ internal business operations, removing legacy complexities to make the settlement process easier and less onerous, especially when managing industry change.
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) – a process that has previously been completed bilaterally between each individual participant.
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 Jennings, said: “The successful implementation of the new service is a tribute to the collaboration, dedication and persistence of our Members who have worked co-operatively with eftpos and the Reserve Bank of Australia to bring it to life in just 18 months”.
More information can be found here: https://www.eftposaustralia.com.au/products/eftpos-settlement-service/