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Date Published : Tuesday, March 11, 2008
Payments on credit cards could be much faster in the future after an Australian invention which speeds up payment processing passed essential tests.
A number of Australia's largest banks and credit unions - including Commonwealth Bank and Westpac - are said to be interested in the system which has been developed by EDS Australia.
According to the Australian, the system allows bank workers to increase the efficiency of payment processing and could see the final demise of the use of cheques across the country, specifically in rural areas.
EDS launched the first Regional Cards Utility last August in Australia with the Commonwealth Bank as anchor tenant. After the trial period, Commonwealth Bank has suggested that the system could be rolled out to a number of its branches across Australia.
Dee McGrath, EDS Australia cards director, told the publication: "The changing environment makes it more attractive for banks to outsource the management of their card products and merchant transactions.
"Merchants are also demanding greater choice, tailored services and differential pricing."
The scheme was used in processing over 70 million transactions in the run-up to the busy Christmas and new year period and coped well with the deluge of festive shoppers.
In related news, Commonwealth Bank has increased the interest rates it charges on its variable rate home loans.
After the Reserve Bank of Australia increased rates to 7.25 per cent earlier this month, Commonwealth Bank has raised rates on its home loan range by 0.35 per cent, to a minimum of 8.81 per cent.
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