Paymark and EFTPOS New Zealand (ENZ) have signed a deal that will see Paymark provide outsourced payment processing services to ENZ for the next five years. ENZ has signed an initial contract with Paymark to partially outsource the processing of a significant proportion of their electronic payments.
Paymark’s Head of Sales and Marketing Paul Whiston says the contract is a significant outcome for both organisations and will also benefit NZ merchants. “Being engaged to provide outsourced switching infrastructure to ENZ is testament to our position as a world class payment and solutions provider. The new contract will also ensure 87% of all card payments in New Zealand being afforded the security and performance standards available through our network.”
EFTPOS New Zealand was purchased by global payments company Verifone Systems, Inc. in June 2013 who will continue to operate ENZ as a wholly owned New Zealand subsidiary. Today ENZ provide payment technology and transaction processing services to around 40,000 New Zealand merchants, along with other related services.
“We are delighted with the arrangement and see it as a great example of industry collaboration”, says Peter Hansen, ENZ’s Country Manager. “We are effectively leveraging existing core industry infrastructure in a manner that reduces complexity and duplication for our card issuing customers whilst maintaining the reliability of our domestic card payment processing networks. A fundamental principle of our project to upgrade to VeriFone’s next generation transaction processing platform was the minimisation of impacts for both merchants and financial institutions. The partnership with Paymark is a valuable step for us in achieving that goal.”
Both organisations will migrate payment processing services onto the Paymark network over the next year in what will be a seamless process for ENZ merchants.
Since its inception in 1989 when three banks came together to form Electronic Transaction Services Limited (now known as Paymark Limited), Paymark has grown to become an integral part of New Zealand’s economic landscape with one of the best EFTPOS systems in the world. Paymark currently processes over 900 million transactions (worth over NZ$49 billion) every year. More than 75,000 merchants and over 110,000 EFTPOS terminals are connected to the Paymark network.