The eftpos Settlement Service (eSS) is a core function that leverages the benefits of the eftpos Hub processing service to drive increased value to Members and the Australian Payments Industry.
eSS enables the centralised settlement of CHQ and SAV transactions processed via the eftpos Hub. eftpos 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).
The service is designed to deliver increased efficiencies for Members’ internal business operations, removing legacy complexities to make the process easier and less onerous, especially when managing industry change.
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.
Later this year, eSS will include the movement of funds for closed disputed transactions when the new eftpos Disputes and Chargebacks Service is launched, streamlining the process for dispute management.