New payments processing business established
(1 June 2006 – Australia) Bendigo Bank, payments firm Customers, and MasterCard Asia Pacific have inked a deal to establish a new payments processing business called Strategic Payments Services (SPS).
Bendigo and Customers will each hold a 40 percent equity stake in the venture and MasterCard will hold a 20 percent stake.
SPS chairman Greg Gillett said the ownership stake would enhance the SPS offering and provide additional strategic capability and resources to the business, particularly in its formative stages.
"This milestone also enables us to accelerate our activities and focus on building the business to process payment transactions and drive ATM and EFT terminals. In this regard our objective is to commence processing later this year," he said.
Gillett said that when fully operational SPS would 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. These ingredients are invaluable to the new business and essential if we are to make an impact in the market, which is clearly our intention," he said.
SPS chairman Greg Gillett said the ownership stake would enhance the SPS offering and provide additional strategic capability and resources to the business, particularly in its formative stages.
"This milestone also enables us to accelerate our activities and focus on building the business to process payment transactions and drive ATM and EFT terminals. In this regard our objective is to commence processing later this year," he said.
Gillett said that when fully operational SPS would 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. These ingredients are invaluable to the new business and essential if we are to make an impact in the market, which is clearly our intention," he said.
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