Woolworths’ decision to implement changes to the company’s debit card system could be taken as another sign that CFOs continue to make key technological decisions in large organisations. Woolworths will process all transactions through the Australian-owned EFTPOS network instead of the international credit card network. The decision has caused an uproar among consumers and according to Woolworths spokesperson, Luke Schepen, was made not from recommendations from the company’s CIO, Dan Beecham, but by the financial department. “It wasn’t a CIO who made the decision… it was a financial services decision,” Schepen told CIO. The news comes as Gartner and Financial Executives Research Foundation (FERF) announced CFOs are “increasingly becoming the top technology investment decision makers in many organisations”. Schepen outlined Woolworths’ reasoning behind the decision, citing a rise in banks offering free unlimited credit transactions as a crippling factor for the company. Supermarkets pay 6.6 cents for each domestic Visa Debit transaction according to the Visa website. Schepen would not speculate on whether Woolworths would set a trend and prompt other organisations to make the change to the Australian EFTPOS network. “That will be up to individual organisations,” he said. Related content news Concerns remain even as the EU reaches a landmark deal to govern AI Experts believe the new regulation would add a significant compliance burden on businesses as some argue it could even stifle the growth of the rapidly developing technology. By Gagandeep Kaur Dec 11, 2023 7 mins Regulation Regulation Government feature CIOs grapple with the ethics of implementing AI With ethical considerations around AI use increasingly top of mind, IT leaders are developing governance frameworks, establishing review boards, and coming to terms with the difficult discussions and decisions ahead. By Esther Shein Dec 11, 2023 13 mins Generative AI Data Governance IT Governance feature Reed Smith turns to AI for lawyer staffing solution The legal firm’s Smart Resourcing tool helps balance workloads and ensure partners find associates with the right skills and experience, while empowering employees to make connections across the firm’s global footprint. By Sarah K. White Dec 11, 2023 8 mins CIO 100 Legal Digital Transformation news Emirates NBD drives sustainability goals with Microsoft partnership By Andrea Benito Dec 10, 2023 2 mins CIO Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe