tyro

If Woolworths proceeds with a licence application to the Australian Prudential Regulation Authority, it will become only the third non-bank to secure a credit card licence following GE Capital and MoneySwitch.

MoneySwitch today was approved as a Principal Member of Visa International. MoneySwitch obtaining this membership was enabled by the Reserve Bank of Australia and its Payment System Board extending the Access Regime on the Visa Debit Card Scheme in Australia.

MoneySwitch increases its capital by $3,600,000 to continue its business and product development. The entire amount has been subscribed by the founders, directors, executives and employees of MoneySwitch.

MoneySwitch signs up for the Electronic Funds Transfer (EFT) Code of Conduct. ASIC monitors compliance with the EFT Code of Conduct, which is a code of practice that sets out rules about how electronic funds transfers should work.

Rob Ferguson is appointed as Non-Executive Director. Rob brings very valuable experience to MoneySwitch. When he was Managing Director of Bankers Trust, he knew how to capitalise on the upheavals and opportunities that technological advances and regulatory review brought to the superannuation business and the funds-management industry. Similar parallels can be drawn to MoneySwitch in its positioning.

MoneySwitch is approved as a Bank Member of the Banking and Financial Service Ombudsman (BFSO). The BFSO is an external dispute resolution service dealing with disputes that individuals and small business have with their financial service providers.

All BECS Members are now exchanging direct credit and direct debit files with MoneySwitch. It has turned out to be a significant challenge. BECS Members have not had to accommodate a new member for over 10 years. MoneySwitch's state-of-the-art, operator-less, straight through processing had to be interfaced with the existing manual processes. The system has now been designed to handle the vagaries of the existing operator driven processes, allowing MoneySwitch to exchange files and settle in a fully automated manner.

MasterCard and Visa admit MoneySwitch as member.

So far, only a handful of non-banks, including MoneySwitch Limited and two arms of GE Capital, have secured special card payments licences.

MoneySwitch, the first organisation seeking to specialise in the provision of acquiring services (including both credit and debit card acquiring) to merchants was authorised by APRA as an SCCI.

MoneySwitch will utilise Equinix's Sydney hub as the primary site for processing credit and debit card transactions in Australia, enabling the company to better compete in the payment solution market.

Brad Banducci is appointed Chief Financial Officer of MoneySwitch. He comes with broad skills in developing and implementing growth and performance improvement strategies. Brad has been advising MoneySwitch since June 2005 and now will assist in bringing MoneySwitch's product offerings to market.

MoneySwitch today became the fourteenth Tier 1 Member of the Bulk Electronic Clearing System (BECS) and the first new Tier 1 Member in ten years. As such MoneySwitch can now settle directly into the transaction accounts of its merchants and billers on an equal footing with the other banks.

MoneySwitch today became a principal member of MasterCard. With this membership comes obligations MoneySwitch must fulfil, including that of completing testing and certification with MasterCard, which MoneySwitch is in the process of.

MoneySwitch Limited Annual Financial Report for the year ended 30 June 2005

MoneySwitch today became Special Licensee for the Card (Acquiring) Program of Visa. MoneySwitch is beginning the process of testing and certification with Visa.

The Australian Prudential Regulation Authority this week granted MoneySwitch an authority to carry on banking business in Australia as a "specialist credit card institution".

MoneySwitch Limited today became the first Specialist Credit Card Institution (SCCI) authorised by the Australian Prudential Regulation Authority (APRA) for credit card transaction acquiring. This authority is the outcome of a series of regulatory reforms initiated by the Wallis Report in April 1997.

Paul Wood is appointed Chief Technology Officer. He has successfully built two technology companies and founded MoneySwitch in February 2003. As Chief Technology Officer, Paul will develop the MoneySwitch web-based open source financial transaction architecture into a wealth of innovative, secure, fast and affordable payment solutions.

Jost Stollmann becomes a shareholder, and is appointed Chief Executive Officer and Executive Director of MoneySwitch. He comes with a strong company building background. Jost has been advising MoneySwitch since November 2004 and has now taken up the challenge to establish MoneySwitch as a new player in the Australian market.

MoneySwitch increases its capital by $3,500,000 in anticipation of the prudential requirements of its SCCI authorisation that looks only weeks away. The entire amount has been subscribed by the founders, directors, executives and employees of MoneySwitch.