Online transaction provider Centricom has signed a three-year hosting deal for its online payment system, POLi with the Sydney-based arm of Macquarie Telecom.
The contract is for three years, but according to Centricom managing director Simon Warner, they would ideally extend the contract to keep Macquarie as "a long-term hosting partner".
While Warner would not disclose the cost of the deal, he did say users of the POLi system has increased without impacting traditional credit card system payments.
"We are getting exponential growth right across merchants - roughly 30 percent growth of online transactions without cannibalization to existing credit card payments," Warner said.
"We have done quite a bit of market testing domestically and now we are looking to ramp up for a marketing perspective and want an infrastructure partner in Australia and New Zealand that could cope with our anticipated volume growth.
"All financial regulations are part of the hosting deals and with POLi all confidential information is retained by the banks - POLi has the same level of robustness of a credit card company but we (POLi) do not store the information."
The POLi system works through a user clicking on the POLi logo on a Web site and payments for goods or services are made via the user's personal banking account, when set up to use the POLi system. In short it acts as an intermediary between the user's bank account and an online merchant. Neither the merchant nor POLi receives or holds any private banking details.
The POLi system will be hosted at Macquarie's Intellicentre based in Sydney.