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BSP - HFC Bank Interchange now active!

Monday, April 11, 2022

BSP and the HFC Bank proudly announced the activation of their highly anticipated interchange service. 

“This partnership is a significant enhancement towards the Bank’s commitment to achieving its digital goals to cater to our growing customer base. With the largest network of ATMs and EFTPOS in the country, the BSP platform offers a significantly wider reach to ensure convenience and accessibility for HFC Bank customers” HFC Bank CEO Rakesh Ram stated.

HFC Bank customers now have additional access through 121 BSP ATMs for cash withdrawals, balance enquiry transactions, additional access through over 2,000 BSP EFTPOS for purchases and cash withdrawals Fiji-wide. The same also applies to BSP customers on all HFC Bank terminals.

Ram added “HFC Bank is highly appreciative of the approach by BSP towards the interchange and supporting local Bank in its digital agenda. This is a great example of joint approach by commercial Banks to advance the digital platform, which also aligns to the recent decision by the Association of Banks in Fiji (ABIF) to phase out all cheques in Fiji within 2 years. This initiative also coincides with the proposed implementation of the National Payment System (NPS) by Reserve Bank of Fiji”.

BSP Country Head, Haroon Ali, said, “We are delighted with this newest interchange arrangement which will allow HFC Bank customers to have access to our fleet of ATMs and EFTPoS terminals across the country and vice versa for BSP customers. These bilateral partnerships allow us to achieve our goal of financial inclusivity and moving Fijians towards digital banking channels”.

As Fiji’s only Fijian owned bank, HFC Bank has grown exponentially since its transition to a fully-fledged commercial Bank in 2014 and has since established itself as a formidable player in the financial arena. Fiji National Provident Fund is the Bank’s largest shareholder with 75% and Unit Trust of Fiji holding 25%.

“Together with our existing interchange agreement with Westpac, HFC Bank now offers one of the largest interchange platforms in Fiji. And with major digital strategies in the pipeline, our customers’ can expect more innovative ways to bank with us”, Ram said confidently.