From banking ezine The Sheet:
Taxi payments processing monopolist Cabcharge wants to be more like
a bank, and will seek an exchange settlement account with the Reserve
Bank, and will also seek entry to the bulk electronic clearing system,
or BECS.
Reg Kermode, the managing director of Cabcharge, outlined the plan in a rare interview with the Financial Review. Kermode said Cabcharge anticipated that it would qualify for an
exchange settlement account and BECS entry within 18 months. The
newspaper estimates the cost of preparing for entry at $5 million.
Cabcharge would have to demonstrate that it could meet liquidity
requirements laid down by the Reserve Bank, and also provide collateral
under terms to be negotiated, given the company is not supervised by
the Australian Prudential Regulation Authority.
Cabcharge earns most of its revenues from the 10 per cent surcharge on
taxi fares paid with credit cards, debit cards and its own charge card
brand.
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