Bendigo Bank, Customers Limited and MasterCard have agreed to establish a payments processing business in Australia called Strategic Payments Services (SPS).
The joint venture will see MasterCard taking a 20% stake, while Bendigo and Customers will each hold 40% of the company. The business will process payment transactions and drive A(TM) and EFT terminals. Processing will begin next year.
Chairman of Strategic Payments Services Greg Gillett said: We are confident that when fully operational SPS will offer a cost-effective alternative in the market for EFT processing services. The experience that MasterCard brings, combined with the volumes already committed to us by Customers and Bendigo Bank, will be significant.
SPS also confirmed that the framework has been determined and would be based on Stratus Technologies Ltd fault tolerant server architecture and Postilion EFT software from the S1 Corporation.