​Eftpos to offer tokenisation service

Payment processor will replace card numbers with unique reference numbers so the information cannot be compromised

Eftpos and Bell ID have teamed up to offer a secure tokenisation service to Eftpos members.

According to Eftpos managing director, Bruce Mansfield, the capability would allow payments to be made securely across various digital platforms and applications being developed by Australian financial industry participants.

He said that tokenisation provides additional security by giving it the ability to replace card numbers with unique reference numbers so that the information cannot be compromised.

Mansfield added that the Eftpos Hub is scheduled to be upgraded for online payments during October and tokenisation in early 2016.

The Hub is a centralised switch that provides banks and other providers with a real time payments processing platform with the capability to implement new products and services.

Since launch in September 2014, it has processed almost 2 million Eftpos cheque and saving transactions a day.

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