Eftpos today announced a new partnership with Bell ID to build a flexible, domestic mobile payments capability, including secure tokenization services.
Bell ID’s Token Service Provider platform will integrate with the eftpos Hub: a reliable, secure and scalable centralized switch that provides the Australian industry with a cost effective, real time payments processing platform with the capability to implement new products and services.
Tokenization provides additional security by giving eftpos the ability to replace card numbers with unique reference numbers so that the information cannot be compromised.
eftpos Managing Director, Bruce Mansfield, said the new capability would enable eftpos payments to be made securely across various digital platforms and applications being developed by Australian industry participants.
“It’s great to be partnering with Bell ID on this important project because they have an excellent international reputation in the dynamic area of mobile payments and tokenization,” Mr Mansfield said. “This new capability will enhance competition in the Australian mobile payments market and help eftpos meet the growing needs of this rapidly changing area of payments technology. It will also provide the Australian industry with the choice of a domestic, secure tokenization service.”
Executive Chairman at Bell ID, Pat Curran, said: “Bell ID is excited to partner with eftpos and to contribute to the mobile payments advancement in Australia. With our Token Service Provider platform, eftpos has the freedom to integrate any of its Members to offer secure tokenization services and provision tokens to a wide array of mobile form factors and channels. This enables eftpos to adapt to the market’s constantly changing dynamics.”
Mr Mansfield added that the new mobile payments capability would complement eftpos’ centralized payments processing hub, the “eftpos Hub”, that is scheduled to be upgraded for online payments this month and tokenization in early 2016.
Since being launched in September 2014, the Hub is already processing almost 2 million eftpos CHQ and SAV transactions a day.