Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Paymark signs switching deal with EFTPOS New Zealand

Paymark signs switching deal with EFTPOS New Zealand


Auckland, 04 September 2014; Paymark and EFTPOS New Zealand (ENZ) have signed a deal that will see Paymark provide outsourced payment processing services to ENZ for the next 5 years.

ENZ has signed an initial contract with Paymark to partially outsource the processing of a significant proportion of their electronic payments.

Paymark’s Head of Sales and Marketing Paul Whiston says the contract is a significant outcome for both organisations and will also benefit NZ merchants.

“Being engaged to provide outsourced switching infrastructure to ENZ is testament to our position as a world class payment and solutions provider. The new contract will also ensure 87% of all card payments in New Zealand being afforded the security and performance standards available through our network.”

EFTPOS New Zealand was purchased by global payments company Verifone Systems, Inc. in June 2013 who will continue to operate ENZ as a wholly owned New Zealand subsidiary. Today ENZ provide payment technology and transaction processing services to around 40,000 New Zealand merchants, along with other related services.

“We are delighted with the arrangement and see it as a great example of industry collaboration”, says Peter Hansen, ENZ’s Country Manager.

“We are effectively leveraging existing core industry infrastructure in a manner that reduces complexity and duplication for our card issuing customers whilst maintaining the reliability of our domestic card payment processing networks.”

“A fundamental principle of our project to upgrade to VeriFone’s next generation transaction processing platform was the minimisation of impacts for both merchants and financial institutions. The partnership with Paymark is a valuable step for us in achieving that goal.”

Both organisations will migrate payment processing services onto the Paymark network over the next year in what will be a seamless process for ENZ merchants.

- ENDS -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news