Tuesday, 06 October 2020 09:37

DataMesh develops tech to ensure least cost routing for debit cards

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DataMesh develops tech to ensure least cost routing for debit cards Image by Kamalakannan PM from Pixabay

Financial payment systems and software solutions provider DataMesh Group has announced it has created new technology that will automatically apply least cost routing inside Australia's debit card system.

LCR sends contactless debit card payments through the network that costs the least. The technology enables a debit payment to be flagged as a specific debit card transaction.

If LCR were not present, the transaction would be sent to the default debit network specified on the customer's card, which may not be the one that costs the least.

DataMesh's software can read a card/phone/watch, decide whether it’s a debit or credit payment and attach the relevant message to the transaction before it’s sent to eftpos via the acquirer (potentially any bank), which has awarded the transaction the applicable fee structure.

Debit cards make up about 70% of all card transactions in Australia. The LCR technology will be deployed to eftpos' debit payment system.

DataMesh Group chief executive Mark Nagy said: “The unique least cost routing capability developed by DataMesh is a massive win for Australian merchants, especially in this era of contactless payments.

“eftpos’ debit card network accounted for more than two billion cheque and savings transactions in 2019 worth about $130 billion. DataMesh is working with eftpos and other payments industry members in the push for least cost routing, and to bring down fees for merchants in what is a very challenging environment for retailers and consumers.

“Our conservative estimates suggest a potential reduction in fees for merchants of up to $500 million nationally per year if LCR was fully implemented.

“Our LCR software is compatible with many legacy merchant terminals and most acquirers. We estimate more than half of card terminals in Australia are currently unable to fully support LCR, so our technology provides an effective solution and removes the need for acquirers to undertake costly hardware upgrades.”

DataMesh’s software is fully developed in Australia, with all IP owned by the company which operates under PCI Standards Council and the Australian Payments Network regulations. DataMesh’s switching platform is EMV and PCI-DSS Level 1 certified for card present and card not present transactions.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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