Darren Thayre, Partner, Oliver Wyman at the second annual Curious Thinkers 2019 in Sydney.
Darren talks to clients about moving from a product centric view of the world to talking in the consumer language and deeply understanding the customer needs, as well as what a frictionless experience as a daily life partner could look like.
Watch the video and learn what three key questions you need to ask to determine if you have a customer first solution.
Bianca Bates, Chief Client Officer, Cuscal and Amanda Hicks, Managing Partner Brand & Marketing, KPMG at Curious Thinkers 2019 in Sydney.
To get a deeper understanding about what will build associative trust, and in particular what types of products and services would create trust with customers, Cuscal commissioned KPMG to co-create a thought leadership paper on ‘Trust in Banking’.
Watch the video to hear from Amanda Hicks, KPMG who shares the insights from this research.
Anthony Thomson, Chair 86 400, at Curious Thinkers 2019 in Sydney sharing where he has come from and where he is going.
Watch the video to hear more about what Anthony considers to be some of the key ingredients for success in business.
Launched in 2010, our Vigil for Cards service has consistently outperformed industry averages for fraud loss rates. During this time, Vigil for Cards has helped clients to protect their debit and credit cardholders from the ever evolving threat of fraud.
As the number of debit and credit card transactions grow, filtering fraudulent transactions from genuine transactions can become increasingly difficult. A blocked genuine transaction can cause frustration and have a negative impact on the cardholder experience.
This is where the Vigil for Cards service can help.
We are committed to keeping clients ahead of the curve. We are investing in our Vigil for Cards service, combining our extensive fraud monitoring experience with advanced artificial intelligence and machine learning technology from our new partner Feedzai to score transactions at scale, without compromising on the response time. This helps to improve fraud detection rates and reduce false positives, providing a better final experience for the cardholder.
Vigil for Cards customers will have access to the enhanced service, benefitting from improved integrated operational processes, enhanced data analytics and cardholder behavioural profiling to continue to evolve with changing fraud trends.
Sydney, 2 October 2019: End-to-end payments provider Monoova, and Australia’s leading independent provider of payment services for banks and payment platforms Cuscal, today announced the rollout of NPP payment capabilities to Monoova’s Automated Payment Service.
As the latest member of the very small group of non-bank Identified Institution to be enabled on the NPP, Monoova will now be able to add real-time account payables and receivables functionality to its enterprise-level payments solution.
Commenting on the roll-out, Head of Monoova, Christian Westerlind Wigstrom, said that by fully automating how funds are received and managed, business can focus more time on what they are there to do: servicing their customers.
The NPP holds the key to great customer experiences by making payments happen successfully and invisibly. No longer will businesses have to mobilise armies of bookkeepers and wads of spreadsheets to track incoming and outgoing payments. Most importantly, there is no need for businesses to hold off growth because they can’t manage the flow of funds.
We are very pleased to be working with Cuscal to help deliver ‘invisible payments’ to our clients, and our clients’ customers, and feel we have a strong alignment of values when it comes to doing the right thing by customers.
Nathan Churchward, Head of Product at Cuscal commented,
As an NPP Participant we’re focused on enabling organisations as Identified Institutions and providing wholesale access to the NPP through our REST APIs.
As an Identified Institution, Monoova is extending the benefits of receiving and managing real-time payments to other businesses through a single API integration with their Automated Payment Service. This is proof that the open access design of the NPP is working to facilitate fair access to the platform, driving competition and innovation.
Through Monoova, a single API integration provides scaling businesses with the ability to exchange payment information and instructions, issuing unique account identifiers and PayIDs to fully automate how funds are received and managed in real-time. Additional real-time payments functionality, including payment initiation, will be progressively introduced.
The move will make reconciliation, exception handling and reporting for NPP payments available in a single integration, alongside other payment channels such as Direct Entry and BPAY.
A number of Monoova’s business clients have commenced end-to-end testing of real-time payment capabilities within Monoova’s development sandbox, with access to the live environment expected to be progressively granted over the next month.
At Monoova, we’re all about freeing businesses to scale. We continue to enhance and grow our offering to make it easy, seamless and stress-free for businesses to pay and be paid,
Mr. Westerlind Wigstrom said.
About Monoova
Monoova supports scaling businesses with large, and often complex, ongoing transaction flows to fully automate how they receive, manage and pay their funds through one simple API integration. Its proprietary platform allows businesses to access a variety of payments functions, comprehensive reconciliation and reporting options and entirely customised real-time data.
Monoova (formerly known as Moneytech Payments) was founded in 2017 and is a fully owned subsidiary of Moneytech Group. Since inception, Monoova has processed over 1 billion dollars through its proprietary payments software.
www.monoova.com www.linkedin.com/company/monoova
Media contact details
Monoova media contacts: Susie Bell 0420 49 852 , susie@honner.com.au, Kirsty Timsans 0403 782 752 kirsty@honner.com.au
Cuscal media contact: Emma Hawke, EHawke@cuscal.com.au
Melbourne, 14 August 2019 – The Armaguard Group announced today the purchase completion of Cuscal’s physical ATM assets and has now taken over the management and operation of the rediATM Scheme together with all customer-owned servicing contracts.
This purchase allows Armaguard to facilitate the continued provision of cash across the community.
Gary Allen, CEO, Armaguard Group, is pleased to confirm the sale: “Our investment in this well-established network is part of our strategy to support ongoing essential services of cash distribution to the community.”
“This acquisition is a natural extension of our current cash supply chain business. Our core business is currency management, which includes supporting financial institutions with the circulation of cash into the community. We aim to ensure that everyone has access to their cash where and when they need it, and part of this is through the provision of ATMs in communities across Australia.”
Commenting on the completion of the sale, Craig Kennedy, MD, Cuscal stated: “The sale provides continuity and sustainability of ATM Services for our clients and their customers, while allowing us to focus on our core strategic areas of mobile, real-time and data. We are proud of what we have achieved in the last 10 years with the rediATM Scheme and look forward to supporting Armaguard’s future plans with our driving, switching and settlement services.”
Gary Allen sums up: “We are working closely with Cuscal and will continue to enjoy a long and positive relationship together. We now have everything in place to ensure a seamless business transition for rediATM Scheme members and their customers.”
Media Contacts
Media contact details Armaguard Group: Cathy Canham, cathy_canham@linfox.com
Media contact details Cuscal: Simone Shields, sshields@cuscal.com.au
Open Banking is coming to Australia. When it arrives it will fundamentally change the way financial institutions manage and control their customer data. This will be the first step toward an ‘open data’ future which will also have ramifications for companies in other industry sectors and the broader Australian economy.
While there is certainty that Open Banking is coming, everything else is less clear. The obligations and corresponding opportunities are complex, evolving rapidly and the business cost of making the wrong decision is high.
To help companies with their Open Banking strategy, Cuscal, KPMG and King & Wood Mallesons jointly published a white paper and held a public webcast to discuss the key issues facing companies implementing Open Banking and looking to participate in an open data economy.
What the webcast covers?
The economic, regulatory and technology landscape in banking and payments is constantly changing. This can lead some people to a kind of change fatigue, where each change is just another one for the pile. While this view is understandable, it can lead you to underestimate the impact of those changes which have much greater and longer-lasting impact. There is one change, coming soon, which will completely reshape banking and payments. I’m talking, of course, about Open Banking – the first application of the Consumer Data Right facilitating an economy-wide consumer-directed data transfer system.
What will this mean in terms of competition?
In the digital age there are heightened expectations about “experience” and how various elements of our life can be seamlessly integrated. An environment of open data, applied in a reciprocal manner, is essential to meeting these heightened expectations. Over time, we think that organisations that are unable to both facilitate and leverage open data will risk becoming irrelevant.
If you think about retail banking today, the ability to compete on product differentiation, price or distribution is very limited. Customer experience remains the greatest opportunity to compete.
This is one of the things that many of Cuscal’s banking clients do incredibly well and are rightfully proud of. However, the digital experience that their customers have has to be constantly improved and refined and the effective application of consumer data will be absolutely key to the future of their success in this area.
When is the right time to enable Open Banking?
It may be tempting to sit back and wait for more progress and certainty in relation to Open Banking and open data. I don’t think this approach is the right one for most financial institutions.
It’s going to be next to impossible to get the timing exactly right for Open Banking.
You will likely either be too early or too late in relation to Open Banking, so you will need to make a deliberate choice about which of these outcomes you want for your organisation.
If you decide to be early, it’s important to move on from compliance-type-thinking towards thinking about the opportunity to compete, enhance the relevance of your organisation and improve your relationship with your customers.
Collaboration will be the key.
The nascent open data economy will be big, complex and uncertain. Exactly how things will develop over time is unclear. I don’t think any single organisation has all of the skills and resources needed to fully maximise this opportunity. Partnering with complementary organisations across the Open Banking value chain, to solve a specific problem or remove friction points, will be crucial to success.
There are a number of related developments that also need to be taken into consideration to create value for customers and enable safe and efficient access to data, such as digital ID, consent management, and the role that NPP may play in Open Banking and open data. We expect developments around open data to progress to payment initiation over time, as they have in other areas.
Just as we have done with the New Payments Platform and The Pays (Apple Pay, Google Pay and Samsung Pay) Cuscal will leverage our strengths across payments data exchange and the development of innovative customer-focused mobile solutions to enable clients to participate in Open Banking, providing support across multiple areas in the lead up to implementation and beyond.
To fulfil the ambition of the ACCC and Treasury of giving customers more control over their information, choice in their banking and convenience in managing their money we will provide clients and others with an opportunity to leverage economies of scale and multi-client solutions to interact with the open data economy.
We are at the beginning of an “always on” and “open data” world. Empowering people to take control, and maximise the utility of, their data will be the foundation of this future.
Read our white paper (published in collaboration with King & Wood Mallesons and KPMG) to find out more of our thinking.
By Craig Kennedy, Managing Director of Cuscal
Open Banking is the first step towards an ‘open data’ future where organisations and people are all part of a robust ‘data economy’.
Open Banking is set to launch in Australia, which will see customers have greatly improved access to, and control over, their own data, all backed by the new Consumer Data Right (CDR). Open Banking is the first step in what will inevitably be an ‘open data’ future – in which institutions and customers are all part of a robust ‘data economy’.
In this Open Banking white paper Cuscal, KPMG and King & Wood Mallesons explore:
Open banking specialists from Cuscal, KPMG and King & Wood Mallesons held a public webcast on Monday, 25 March 2019 to discuss the white paper and related open banking issues. The webcast features:
A recording of the webcast is available. It is recommended for financial institutions, fintechs and other organisations that want to take advantage of the opportunities Open Banking offers, while meeting the compliance obligations.
Cuscal is delighted to be awarded with the Workplace Gender Equality Agency (WGEA) Employer of Choice for Gender Equality (EOCGE) Citation for 2018-2019. We are one of 140 recipients in Australia and one of 28 from the Financial and Insurance Services industry.
Our strategies, processes and policies were assessed to ensure that Cuscal is creating a culture where women and men are represented, valued and rewarded equally. Leadership, accountability and focus on gender equality are all required for this citation.
The EOCGE shows our commitment to gender equality across a number of areas, including:
