Eftpos Australia, the nation’s most widely used debit card payments system, has unveiled its new eftpos Settlement Service (eSS).

According to Eftpos, eSS enables the centralised settlement of CHQ (cheque) and SAV (savings) transactions processed via the Eftpos Hub.

Paul Jennings, Eftpos acting CEO, says the implementation took 18 months and with all members now processing transactions through the hub, it can offer “the ability to deliver value added services that drive operational efficiencies and reduces the cost of change”.

The organisation 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).

In addition, eSS replaces all previous arrangements for eftpos POS transaction settlement, including bilateral arrangements and use of the existing Low Value Settlement Service (LVSS).

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 says it accounted for more than 2.2 billion CHQ and SAV transactions in 2016 worth more than $138 billion.

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