The Paymark Is Coming
29 November 2001
THE PAYMARK IS COMING
The Paymark, which will become New Zealand’s first nationwide mark of electronic payment security, was launched today to banks, card issuers and industry representatives.
The Paymark is the only electronic payment certification mark to combine multiple payment channels into one standard approval process. The Paymark will integrate what’s commonly known as EFTPOS with other forms of electronic payment by providing a mark of assurance across the spectrum of electronic payment methods.
Consumers nationwide will see the Paymark symbol on EFTPOS terminals, electronic payment cards, internet payment sites, and in most places where electronic transactions can be made. A point of payment marked with the new symbol means certification has taken place.
Paymark developers Electronic Transaction Services Limited (ETSL), the company jointly owned by four major banks - ASB BANK, Bank of New Zealand, The National Bank and WestpacTrust, aims to establish Paymark as an industry benchmark that re-assures consumers of security and reliability at that particular point of payment.
For New Zealanders the Paymark will mean a stronger sense of security and assurance that electronic transactions are as secure as possible. For the industry it will mean higher standards, and a rigorous certification process fully endorsed by four major banks across many electronic payment channels.
Ron Brown, General Manager, ETSL says within electronic payments there are new cards, payment technology and interfaces constantly emerging.
“From the internet to digital television, preferred payment channels are always changing. Before using these channels consumers and merchants will be reassured by Paymark in the knowledge that the channel or device will work, the system is certified, it’s secure and it’s reliable. Basically, if it’s not Paymark, the four banks do not certify it.
“The environment is cluttered with a flurry of brands, technology and providers making it hard for consumers to differentiate what electronic payment methods can be trusted. Paymark is set to change that by providing a mark of assurance across multiple electronic payment methods.
“Whether it’s making an online payment via credit card or paying for groceries electronically at the supermarket, the Paymark symbol will reassure consumers that the payment they are making is secure and reliable and that the method they are using can be trusted.
“The Paymark will not be associated with organisations which cannot offer the highest levels of security. This ensures the greatest protection for consumers and merchants. Our partners include the four major banks, card issuers, terminal vendors and technology providers,” he says.
The Paymark program is future-proofed by being flexible enough to include the certification of new technologies such as payments by mobile phone and digital television as they are brought to market.
Paymark not only delivers certification and assurance but also provides New Zealand’s largest and most robust payment system linking the four major banks. These banks will be working with merchants, retailers and ETSL over the coming months and will begin rolling out the initiative in early 2002.
Transaction Services Limited
ETSL is the company responsible for the development and introduction of EFTPOS in New Zealand. ETSL is jointly owned by four major banks – ASB BANK, Bank of New Zealand, The National Bank of New Zealand and WestpacTrust. The company supports nearly 90% of all EFTPOS transactions in the New Zealand market by providing network and processing services for real time payment transactions. These transactions are generated at point of sale by debit, credit, charge and proprietary cards and authorised via links to major financial institutions and many smaller card processing operations. Since its inception in 1989, ETSL has become a vital part of the retail experience in New Zealand, carrying around 55% of all retail turnover.