ApplicationApplication

Application

2. This Standard is determined under Section 18 of the Payment Systems (Regulation) Act 1998.
3. This Standard applies to the payment system operated within Australia known as the EFTPOS system, which was designated as a payment system on 12 June 2012 and is referred to in this Standard as the EFTPOS system.
4. In this Standard:
‘Bilateral Agreement’ has the meaning given in the EFTPOS Scheme Rules and also includes any other agreement permitted under the EFTPOS Scheme Rules between two or more Members to pay or receive interchange fees that vary from those specified by the Company as payable between Members;
a ‘bilateral interchange fee’ is an interchange fee that is agreed between two or more Members under a Bilateral Agreement for payment solely between those Members in relation to EFTPOS Transactions;
‘Company’ means EFTPOS Payments Australia Limited (ABN 37 136 180 366);
‘EFTPOS Acquirer’ has the same meaning as in the EFTPOS Scheme Rules;
‘EFTPOS Interchange Activity’ has the same meaning as in the EFTPOS Scheme Rules;
‘EFTPOS Issuer’ has the same meaning as in the EFTPOS Scheme Rules;
‘EFTPOS Scheme Rules’ are the rules promulgated under the constitution of the Company and any schedule, document, specification or rule published by the Company pursuant to those rules;
‘EFTPOS Transaction’ has the same meaning as in the EFTPOS Scheme Rules but excludes credits, refunds, reversals and chargebacks;
‘financial year’ is a 12-month period ending 30 June;
an ‘interchange fee’ is a wholesale fee payable between an EFTPOS Issuer and an EFTPOS Acquirer or Self Acquirer, directly or indirectly, in relation to an EFTPOS Transaction in the EFTPOS system;
‘Member’ means a member of the Company;
a ‘multilateral interchange fee’ is an interchange fee that is determined by the Company to apply to EFTPOS Transactions between Members unless a Bilateral Agreement is in place and applies;
a ‘Self Acquirer’ has the same meaning as in the EFTPOS Scheme Rules;
terms defined in the Payment Systems (Regulation) Act 1998 have the same meaning in this Standard.
5. The Company and each Member must do all things necessary on its part to ensure compliance with this Standard.
6. If any part of this Standard is invalid, the Standard is ineffective only to the extent of such part without invalidating the remaining parts of this Standard.
7. This Standard is to be interpreted:

in accordance with its objective; and
by looking beyond form to substance.