BRED, ANZ Banks Ink Agreement
BRED Bank Fiji had signed at first interchange agreement with ANZ Fiji. This was announced at the ANZ House in Suva yesterday.
BRED Bank Fiji chief executive officer, Frederic Reynaud said the agreement is accessible, inexpensive and convenient for the customers.
The agreement would allow BRED customers access to ANZ’s 94 Automated teller machines (ATMs) and more than 1400 Electronic funds transfer at point of sale (EFTPOS) terminals around the country. ANZ customers will also gain access to BRED Bank’s ATMs and EFTPOS terminals.
Mr Reynaud said the banks have collaborated to make it more convenient and affordable for their customers to access each other’s ATMs and EFTPOS facilities across Fiji.
“It was a big technical project so we had to do a lot of testing to ensure that everything was secured,” he said.
“I would like to thank ANZ for giving us the opportunity to partner with them on this initiative.
“The BRED/ANZ interchange agreement is the cheapest interchange agreement in Fiji. Whilst other interchange agreements amongst banks in Fiji charge up to $1.50 per ATM withdrawal transaction, the interchange between BRED Bank and ANZ will only charge customers $0.50 per ATM withdrawal transaction and $0.30 for EFTPOS. “We know that customers are increasingly looking for ways to get more from the financial services industry and it is our commitment to provide services that are accessible, inexpensive and convenient. The interchange agreement with ANZ furthers BRED Bank’s aim of expanding its network and making it easier for customers to use
their Premium Card to gain access to their funds anywhere in Fiji,” he said. Mr Reynaud added that the interchange of the blue banks was a big achievement and investment for them.
ANZ Fiji Country Head, Saud Minam, welcomed the partnership, saying that collaboration between banks was necessary to facilitate more secure and affordable access to electronic banking channels.
“As we move towards a cashless and paperless society and our customers expect the convenience of secure electronic banking channels at their fingertips, banks must endeavour to provide these sorts of solutions for customers,” Mr Minam said.
Mr Minam added that ANZ was the first bank to put in place similar arrangements in 2016 for other banks’ customers to access ANZ ATMs at a reduced fee of $0.50 per transaction, down from $1.50.
“We are the only two banks amongst the six banks that have taken the lead in that and I expect the rest to follow.
“It may not be the money making machine for the banks but it will be beneficial to the users which is very important,” hr said. He added that it’s about the convenience provided to the customers and that’s the way the banks should offer their services. “The beauty of it is the Bred Bank not only have 20 ATMs, they now have 114 combined with ANZ and 1500 EFTPOS terminals in Fiji,” he said.
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