SQID Payments appointed as exclusive Asia Pacific Region distributor for EFTlab
SQID Payments can now deliver a new generation of software for the payment industry
SQID Payments Director, Peter Hall, when asked why SQID Payments was partnering with EFTlab with an exclusively agreement in the Asia Pacific Region acknowledged “The payments industry is evolving rapidly as it faces the challenge of bringing progressive EFT payment technologies and products to meet a market that is becoming more demanding for products, that can be delivered in shorter time frames than ever before.” Mr Hall added “The expectation is to do this without compromising security or functionality, in the delivery of payment products, which is critical to ensuring business trust and highlights the need for appropriate testing and processing solutions.”
Mr Hall said “SQID Payments is excited to partner with EFTlab, who are renowned for developing products for the electronic payments industry that make it easy to deploy new payment systems faster. This partnership aligns with and strengthens the Qpay Holdings patent that subsidiary SQID Payments has already implemented and is performing in the market. The collaborative strengths of SQID Payments and EFTlab will empower SQID Payments’ payment solutions, giving us a distinct advantage across the Asia Pacific Region”, Mr Hall added.
Diversification is essential across a number of product streams which the partnership with EFTlab introduces instead of just offering a single product and critical to the growth of SQID as a competitive technology provider. Mr Hall declared “Our exclusive distribution agreement is for the Asia Pacific region which covers 60% of the world’s population and the product provider is originally based in the United Kingdom with distributors in the UK, EU, Africa and the US. This will provide tremendous upside for both the company and its shareholders.”
SQID Payments will now be able to deliver smarter solutions that will help large merchants, banks, card issuers and other financial institutions test and develop their payment processing systems every day.
There is a number of payment processing system formats in the market and SQID Payments will now be able to effect automated testing for all of them. EFTlab solutions are a new generation of test software developed with the needs of modern businesses in mind. The solutions delivered through the EFTlab partnership with SQID Payments are flexible, customizable, affordable and easy to set up and use ensuring there are no barriers for business to engage.
“Our plan is to spread globally in our partnership with EFTlab under the distribution agreement now in place. Transaction switches are the next layer down inside the network and is like a traffic controller for transactions. Our plan is to provide that transaction switching and transaction test tools to what we would call the tier three banks in the market.”
Capital raised by investors in the coming weeks will be crucial to the future of the company to realize its growth and expansion. Mr. Hall was clear as to where investor capital would be used to have the most impact stating “The money raised would be used to build a strong sales and support team to deliver the EFTlab switching and test tool products and to provide some expansion in our hosted services to merchants through Australia to ensure the impetus of the business continues its momentum.”
Qpay was significantly restructured during November and December 2013 to emerge as a much leaner, performance focused commercial operation with a new strategic direction. This transition from a single technology development business to a diversified payment and electronic transaction business, provides a combination of product sales and transaction fees, over a broader range of target customers, primarily in larger merchants, building societies, small banks and credit unions.
Qpay is an unlisted public company with over 240 shareholders and holds patents on a payment authentication system in Australia, US, Singapore, New Zealand, South Africa and other countries. The technology is currently in use with a major tollway in Brisbane and previously used by Travelex. Qpay also provides merchant services for credit card processing through a Merchant Aggregator Agreement with Westpac Bank.
If you would like more information about investing in Qpay Holdings and its subsidiary SQID Payments or to schedule an interview:
Please call Peter Hall, SQID Payments on (07) 3393 9187