Eftpos’ next generation online security technology goes live

  • By Zilla Efrat

Eftpos is set to roll out its next generation online security technology over the next 12 months, giving merchants and their customers access to two-factor authentication and other capabilities.

Eftpos announced today that the technology has already gone live with several Australian banks, fintechs and merchants, including Till Payments, Fat Zebra and EFTEX.

Eftpos CEO Stephen Benton says the support of these providers will help the offering scale quickly and will facilitate least cost routing (LCR).

Eftpos’ move follows the Reserve Bank of Australia’s decision in October to require Australian banks to offer and promote LCR online by the end of 2022.

Benton believes the technology will quickly drive competition in the market and place downward pressure on transaction costs.

“This is a game-changer for eftpos and Australian retailers because retail is quickly transforming to become an increasingly digital marketplace, accelerated by COVID-19,” says Benton.

“Big economic benefits could flow from increased competition in addition to enhanced payments security.”

Benton says the new solution is part of eftpos’ $100 million digital upgrade aimed at helping it to deliver the next generation of secure payments technology.

Before today’s announcement, he says eftpos was already available online for some Card on File payments where banks have implemented the service for their merchant customers, and deposits and withdrawal payments via the Beem It mobile wallet. Since launching the eftpos digital service that enables LCR last year, it has been subject to zero fraud.

Benton says eftpos’ security kit bag now includes two factor authentication (3DS), tokenisation, automated disputes and chargebacks and a digital identity solution, connectID, with a new fraud detection engine also going live in the coming weeks.