New Payments Platform Australia (NPPA), the company charged with the oversight of all of the transactions moving through Australia's updated payments system, alongside Eftpos and BPAY, have announced plans to amalgamate.
The group of domestic payment organisations said the new company would create a "stronger, unified entity that will aim to reduce costs, increase innovation and efficiency, and be better able to compete with the growing scale of overseas multinational payment platforms".
"In Australia, international card schemes and multinational technology providers are dominating the payments sector," the companies said in a statement. "Change is needed to ensure that the Australian payments system supports the best interests of consumers and businesses, through increased choice and competition."
Following amalgamation, provided the Australian Competition and Consumer Commission (ACCC) approves the deal, the new entity would boast a single board comprised of members from each organisation. Eftpos, BPAY Group, and NPPA will be preserved as distinct operations.
The merger is the result of a review by the Reserve Bank of Australia that noted consolidation of some domestic payment groups should be considered. It was a recommendation of an industry committee comprising 13 mutual shareholders and Eftpos members across the three entities.
Meanwhile, ANZ Bank has announced entering into a joint venture with European payments player Worldline which the blue bank said would provide small business, commercial, and institutional customers in Australia with access to the latest tech for "fast, reliable, and more secure" point-of-sale and online payments.
"Receiving fast and secure payments is key to running a successful business and this partnership will provide our customers with access to some of the most advanced payments technology currently available, as well as future innovations, to improve the speed and security of point-of-sale and online payments," ANZ group executive of retail and commercial Mark Hand said.
"The partnership also responds to the fast-changing way that consumers want to pay for goods and services, particularly in a post-COVID environment."
Elsewhere, Heritage Bank has signed a five-year deal with Vocus, which has been touted will up its existing bandwidth, reduce costs, and accelerate the bank's digital transformation and growth strategy.
Under the deal, Vocus will establish fibre network connections across all Heritage Bank sites, with all connections secured, monitored, and controlled via a new managed software-driven WAN solution.
Vocus will also provide core network, internet, and enterprise voice services. It will also help the bank with Zoom.
The full rollout of the new communication network will be completed in the first half of 2021, Heritage Bank said.
- Australian government to review domestic payments system regulation
- Reserve Bank of Australia helping agencies access new payment features
- Cash payments plummet thanks to pandemic
- ANZ rejects claims the big four sabotaged open banking
- Samsung Pay goes live across the Eftpos network with Heritage Bank
- What is Australia's New Payments Platform?