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On 21 December 2006, Philippa Godwin, Deputy CEO of Medicare Australia, and Jost Stollmann, CEO of MoneySwitch, signed the eClaiming Medicare Accreditation and Service Contract. CBA signed the same day as the only other bank. This follows the Government's decision and announcement by the Prime Minister on 13 August 2006 to introduce electronic Medicare claiming from doctor surgeries. It is the starting gunshot for a race between newcomer MoneySwitch and the incumbent bank to implement an ambitious banking and technology project in a very demanding time frame.

Brad Banducci is appointed as Director of the Board and Garry Duursma is appointed Vice President Sales and Marketing. Brad has been Senior Partner and Office Manager with the Boston Consulting Group as well as CFO with MoneySwitch. Garry Duursma has been General Manager, Asia Pacific Financial Services with Hewlett Packard and General Manager, Sales with Keycorp Limited.

Paul Wood, who co-founded MoneySwitch, leaves the Company. He stays on as Non-Executive Director. Paul has led the Company's technology development of a world-first, terminal- and Internet-based end-to-end acquiring solution. His leaving the company finishes a phase of outstanding technological achievements. The focus of the next phase will be on building the banking side of the business model.

Denis Calvert resigns from the Board to avoid a perceived conflict of interest.

Sean and Elizabeth Gallagher signed up to become the first merchant using MoneySwitch's new generation EFTPOS facility: "We are a totally independently and locally owned and run liquor store. We strive to provide a quality range of products with knowledgeable and personalised service, which people seem to like! Almost 2/3 of our sales are electronic transactions, which means that we have received substantial time and cost savings with the MoneySwitch system from day 1." Obviously, we at MoneySwitch are very excited about this first installation. The Gallaghers will use the system and give us valuable feedback for our further development. Since we own our technology and release new versions in short intervals, we can integrate what merchants really need. Mowbray Cellars (Shops 2 & 3, 703 Mowbray Road LANE COVE 2066 NSW).

The Board of Directors elects Rob Ferguson Chairman. Richard Freemantle had overseen the Company's technology phase leading to the deployment of the world-first Internet end-to-end acquiring solution. Rob taking over the Chairmanship going forward signals the future focus of the organisation on building the banking side of the business model.

MoneySwitch, the unlisted public company working hard to become the first new entrant to the Eftpos system in Australia.

MoneySwitch, a Sydney-based start-up in which former Bankers Trust Australia managing director Rob Ferguson is a prominent investor, is the only company likely to seek access in the short term.

Move over mainframes and proprietary transaction databases, the financial institutions of the future will run on open source software, just like Sydney-based payment solutions company MoneySwitch.

East & Partners senior consultant Paul Bartholomew speaks to chief executive officer and shareholder Jost Stollmann.

Payments solutions provider MoneySwitch Limited has joined the consumer electronic clearing system (CECS) as an EFTPOS Acquirer.

MoneySwitch Limited Annual Financial Report for the year ended 30 June 2006

MoneySwitch today became a Member of the Consumer Electronic Clearing System (CECS) as an EFTPOS Acquirer. As the seventeenth Member, and the first new member in two years, MoneySwitch can now acquire EFTPOS transactions for merchants.

For the chief executive of MoneySwitch, Jost Stollmann, the new Eftpos access regime is something he has been working towards for the past two years.

Payments start-up MoneySwitch said on Friday that it achieved its prudential capital requirements of $5 million by completing another round of capital raising. MoneySwitch has raised $6 million from directors, executives, associates and advisors to take its total net equity to $10.8 million.

Payments solution company MoneySwitch has announced a raft of new capital raising and additions to its leadership team.

MoneySwitch increases its capital by $6,000,000 to prepare to commence live debit and credit card acquiring. $5M of the capital has been subscribed by the founders, directors, executives and employees of MoneySwitch, with $1M being subscribed by new independent shareholders.

Jason Bryce last week interviewed Jost Stollmann (chief executive) and Paul Wood (chief technology officer).

"First they ignore you, then they laugh at you, then they fight you, then you win." - Mahatma Gandhi. Payments start-up MoneySwitch has this quote framed and mounted in the company boardroom in North Sydney, and the sentiment reflects the sometimes missionary like energy of founder Paul Wood and chief executive Jost Stollmann.

Dr Thomas Girgensohn is appointed as Non-Executive Director. Thomas is an independent, non-executive company director with a diversified portfolio of directorships, including Dairy Farmers and Stemcor Australia. Prior to his current directorship roles, Thomas was managing partner of the prestigious strategy consulting firm Boston Consulting Group, providing him with 17 years of experience as a consultant in strategy development, organisation design and process re-engineering for some of the largest and most respected companies in Australia, New Zealand and Europe.

Budding entrant to the payments scene MoneySwitch said there should be a single reciprocal fee for each transaction regardless of which party originated the transaction. Otherwise MoneySwitch fears being forced to pay a premium to the existing connectors and get peanuts back.

John Hallis is appointed as Vice President, Operations, and will build the MoneySwitch operations centre and the customer care organisation. John has been developing customer focused, technically diverse and highly responsive customer care and technical support operations for the past decade. As the Director of Customer Advocacy for Cisco Systems, he developed the technical service organisation, initially based in Australia and then expanding into the Asia Pacific Japan Region.

MoneySwitch, Australia Post, independent ATM operators and the regional banks are racing to enter the Eftpos market as the Reserve Bank of Australia and the Australian Payments Clearing Association finalise the new access regime over the next two months.