Opening the domestic card rails to innovation

July 29, 2021
Min read

Earlier this year, eftpos, in collaboration with FinTech Australia, established the eftpos FinTech Advisory Committee. The Committee was established as a way of giving Australian FinTechs a direct avenue to discuss how they partner and collaborate to access the eftpos payments network for the betterment of Australia's digital economy.

Over the past five months, ten leading FinTech companies joined the Committee, chaired by Ben Tabell, eftpos' Chief Information Officer. Together, the Committee collaborated to help create an initial report on how to best leverage the eftpos digital roadmap, API programs along with a variety of industry topics.

Enabling Australian FinTechs a direct avenue to discuss how they partner and collaborate to access the eftpos payments network through the Committee resulted in recommendations that covered a number of central themes, including consultation and engagement, regulation, and technology and solutionsBen Tabell, eftpos Chief Information Officer and Committee Chair

Meeco is honoured to have been one of the companies invited to join the Committee alongside Assembly Payments, Bleu, Monoova, Sniip, Verrency, Ezypay, Azupay, POLi¹ and Paypa Plane.

The aim of the Committee is to advise eftpos on ways the company can build on its efforts to make it easier for FinTechs to access the eftpos network, products and services. The focus is to enable FinTechs to build experiences that can work across a broad range of connected devices in the digital economy.

eftpos has now released the report in collaboration with FinTech Australia, delivering ten recommendations on how Australian fintechs can best leverage the eftpos digital roadmap and API programs.

Of the recommendations in the report, Meeco is especially interested in the inclusion of data as the new currency, mobile wallets and digital identity. These map directly to the work Meeco has had the privilege to explore and validate together with eftpos over the past year. This includes a micropayments Proof-of-Technology using Meeco's multipurpose wallet decentralised on Hedera and a pilot that is now underway with eftpos' identity broker solution, connectID, for credentials verification as part of employee onboarding.

We're delighted that this work with eftpos and Hedera Hashgraph has resulted in us being selected as a FinTech Australia Finnies finalist in the "Excellence in Blockchain/Distributed Ledger" category. The Finnies event and announcement of winners is now delayed to September, due to the rolling COVID restrictions in Australia.

The eftpos FinTech Advisory Committee Report; Innovating on the domestic card rails, is now available to download.

Read the report

We would like to thank eftpos and FinTech Australia for the opportunity to have contributed to the Committee and the report.  We hope you find it interesting and useful.


¹ The POLi service is no longer available. To view an archived version of this website click here.

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