Westpac also to leave system

Press, 26 September 1988, Page 10

Westpac also to leave system

PA Wellington Westpac Banking Corp is withdrawing from the four-bank processing arrangement with Databank Systems, Ltd, for the Quick-Smart EFT-POS System. Westpac’s announcement follows the Bank of New Zealand’s announcement that it was withdrawing from the EFTPOS payment system. "We wish to make our position very clear,” Mr Harry Price, Westpac’s deputy general manager for New Zealand management services, said in a statement. “Following the recent announcement by the Bank of New Zealand to

withdraw from the EFTPOS scheme totally, we have been studying the implications of the decision. “Westpac’s decision to withdraw from the fourbank processing arrangement is necessary for Westpac to crystallise its costs to enable the bank to fully evaluate the future viability of all the options for Westpac continuing with EFT-POS. “We are looking at continuing some form of EFT-POS delivery system and until we exhaust all feasible options we will provide EFT-POS for our customers. “However, we may, at the end of the day, come

to the regrettable conclusion that we have no option but to withdraw totally from EFT-POS as BNZ has done,” Mr Price said. “Westpac is looking to discussing options with all partners to the current processing agreement for the continuance of an EFT-POS system.” Mr Price said Westpac was committed to the use of high technology for financial delivery systems. “Once we have finalised our over-all plans we will advise our customers immediately. In the meantime Westpac customers can continue to use EFTPOS,” he said.