eftpos has launched a new settlement service, which it said was "an essential core function in closing out [its] transformation phase".The system, given the acronym eSS, will allow the centralised settlement of CHQ and SAV transactions for each member to be processed via the eftpos Hub, and will facilitate the settlement of multi-lateral obligations through instructions to the Reserve Bank's Information and Transfer System.This system replaces all previous arrangements for eftpos POS transaction Settlement, including bilateral arrangements and use of the existing Low Value Settlement Service. The launch of the new service required all eftpos members to be technically and operationally ready to go live on the same day, signalling the significance of this industry achievement.Paul Jennings, eftpos acting CEO said his company's members worked cooperatively get this system underway in just 18 months.The eftpos debit card system is the most widely used in Australia, accounting for more than 2.2 billion CHQ and SAV transactions in 2016 worth more than A$138 billion, the company said.