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Posted by TarlaStar on 05/05/07 18:09
Horry wrote:
> On May 5, 1:12 pm, TarlaStar <t...@inspire.nz.nt> wrote:
>
>>Horry wrote:
>>
>>>On May 5, 3:17 am, TarlaStar <t...@inspire.nz.nt> wrote:
>>
>>>>Yeah Right wrote:
>>
>>>>>On , , Fri, 04 May 2007 00:19:18 -0000, Re: Credit Card Holders
>>>>>Must See This Video, Doug Jacobs <djac...@shell.rawbw.com> wrote:
>>
>>>>>>Furthremore, you're protected by federal law
>>
>>>>>We don't have a federation here in New Zealand apart from
>>>>>Federated Farmers.
>>
>>>>And our system doesn't work like the US system. For one thing, it's
>>>>better, in fact, best in the world.
>>
>>>To what system, pray tell, are you referring?
>>
>>>The NZ farming system, or the NZ payments system? Did you know
>>>there's a BIG difference between the two? DID YOU?
>>
>>NZ payments system.
>
>
> How is it the best in the world? Aren't all the big NZ banks owned by
> Australian banks (ASB, Trust, ANZ, etc)? Why, pray tell, would
> Australian banks create the best payments system in the world and only
> implement it in NZ? You really didn't think this through before
> pressing the send key, did you?
Actually, I did. The NZ payments system was set up BEFORE Australia had
a chance to fuck things up. ANZ has a separate system that connects to
the main one, but it's not a part of the ETSL.
***
In 1989 three banks came together to form Electronic Transaction
Services Limited. They had the vision of a national real time payment
system. Through their commitment to the retail payments industry the
company has developed what has arguably become the best EFTPOS system in
the world.
EFTPOS - Electronic Funds Transfer at Point-Of-Sale appeared on the New
Zealand retail scene in 1984, only five years after the country’s first
Bank ATM (cash dispenser) was installed. New Zealand’s first EFTPOS
system operated from a service station and a supermarket attached to a
bank computer.
In March 1990 volumes through the network exceeded 1 Million
transactions a month. In 1994 the company increased its computer
processing power to accommodate volumes exceeding 10 Million
transactions a month. In 1996 Bank of New Zealand joined the network and
EFTPOS as a payment mechanism entered a tremendous growth phase.
In 1998 ETSL passed another milestone - as the 1 Billionth EFTPOS
transaction was processed. By the year 2000 EFTPOS was well and truly
identified as a public utility. ETSL saw its 2 Billionth transaction
pass through the system in November 2000 and 5 Billionth transaction mid
way through 2006.
The system, rebranded as the Paymark EFTPOS network, processes nearly
75% of all electronic transactions in the New Zealand retail market on
behalf of more than 50 card issuers and acquirers. More than 65,000
merchants and 80,000 terminals are currently connected to the network
that is now 3DES and EMV compliant.
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