tyro

$450,000 is invested into MoneySwitch by the existing shareholders.

MoneySwitch lodges its final Specialist Credit Card Institution License (SCCI) application with APRA.

Jost Stollmann meets the founders and starts in an
advisory role.

MoneySwitch restated its preference that the Reserve Bank tackle more than just interchange, and develop a complementary, industry wide access regime. The access regime must impose determinable conditions relating to setup costs, timescales and sharing of ongoing communications, maintenance and support costs.

Beautiful - emerging niche players in their infancy (e.g. Virgin Money, Liberty Financial, MoneySwitch).

All the argy bargy about “reform” of payments systems and “access”” may not matter a jot if there’s no real likelihood of entry by new providers. And in the merchant acquiring space, there’s only in fact only one entity that’s consistently flagged an interest in entering the market, the Sydney-based start-up MoneySwitch, a company run by a trio of former Cisco executives.

The Reserve Bank's reforms to credit card schemes came into effect over 2003 and early 2004. One of the key elements of the reforms was the lowering of the fee paid by a merchant's bank to a cardholder's bank whenever a credit card purchase is made - the so-called interchange fee.

MoneySwitch officially begins the Specialist Credit Card
License (SCCI) application process with the Australian Prudential Regulation Authority (APRA).

$600,000 is invested into MoneySwitch.

William Bartlett and Denis Calvert join as Non-Executive Directors.