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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
20 Jan 2018 11:00
BRED, ANZ Banks Ink Agreement
From left: ANZ Fiji Country Head, Saud Minam, and BRED Bank Fiji chief executive officer, Frederic Reynaud at the announcement of the interchange agreement yesterday. Photo: Selita Bolanavanua

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.

Feedback: selita.bolanavanua@fijisun.com.fj



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