eftpos settlement service (eSS)Understand how the eSS is making the payment settlement process easier and more efficient for eftpos members.
What is the eftpos settlement service (eSS)?
The eSS is a system that allows all of a member’s eftpos transactions to be processed in one central place: the eftpos Hub. It has been designed to make the payment settlement process easier and more efficient – especially when members are managing industry change.
How does the eSS work?
eftpos determines the multilateral net settlement obligation for each member, and initiates the settlement of those obligations through instructions to the Reserve Bank of Australia’s (RBA) Information and Transfer System (RITS). In doing so, it allows all inter-bank transactions to be settled more easily and simply.
How does the eSS benefit eftpos members?
Essentially, it removes legal complexities from the settlement process, driving efficiencies across members’ internal business operations.
Who can take advantage of the eSS?
All foundation and most new eftpos members are now using the eSS to process their eftpos CHQ and SAV transactions. What else does the eSS do? eSS will also soon manage the movement of funds for closed disputed transactions, streamlining the process for dispute management.
Support for members
Need any additional resources or support? eftpos Member Support (eMS) is here to help with anything eftpos Hub-related.
Our team is based right here in Australia and we’re available 24/7. Get in touch.