Which new Bank architect joins payments business
(4 August 2006 – Australia) The architect of Commonwealth Bank’s Which new Bank program, Adrian Cosenza, has joined payments processing business Strategic Payments Services (SPS) as chief executive officer.
Cosenza was formerly group executive and head of group strategic development at CBA before departing in late 2004.
SPS is a joint venture between Bendigo Bank, which owns 40 percent; Customers Limited, which also has a 40 percent stake; and MasterCard, which owns the remaining 20 percent.
"The payments industry is undergoing substantial change with regulatory reforms adding to efficiency pressures for all participants. This is a wonderful opportunity to lead the development and provision of state of the art contemporary services to industry that is global best practice," Cosenza said.
Cosenza said Australia needed to continually innovate and develop new payment services to remain internationally competitive.
"There has been recent speculation that Australia has slipped from its previously pre-eminent position in payments technology. While there is no doubt Australia has a payments infrastructure that is admirably secure, efficient, convenient and reliable, it is no longer world’s best practice," he said.
SPS will complete its new platform by the end of 2006 with the next phase involving migration of ATM and EFTPOS traffic for Bendigo Bank and Customers by the middle of 2007.
SPS is a joint venture between Bendigo Bank, which owns 40 percent; Customers Limited, which also has a 40 percent stake; and MasterCard, which owns the remaining 20 percent.
"The payments industry is undergoing substantial change with regulatory reforms adding to efficiency pressures for all participants. This is a wonderful opportunity to lead the development and provision of state of the art contemporary services to industry that is global best practice," Cosenza said.
Cosenza said Australia needed to continually innovate and develop new payment services to remain internationally competitive.
"There has been recent speculation that Australia has slipped from its previously pre-eminent position in payments technology. While there is no doubt Australia has a payments infrastructure that is admirably secure, efficient, convenient and reliable, it is no longer world’s best practice," he said.
SPS will complete its new platform by the end of 2006 with the next phase involving migration of ATM and EFTPOS traffic for Bendigo Bank and Customers by the middle of 2007.
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