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Author: Marketing Team

Azupay PayID-powered consumer to business payments

Posted on by Marketing Team

Azupay are real-time payment specialists, delivering innovative, real-time payment solutions which leverage the New Payments Platform (NPP).

Cuscal and its team have been instrumental for Azupay to bring to market a new Consumer to Business payment method allowing consumers and merchants to be paid instantly, safely and for a fraction of the cost of credit cards or BNPL schemes – Azupay works online, in store and for bill payments.

Azupay – fairer, faster, safer

For more on how Azupay and Cuscal enabled Australia’s first and only PayID-powered digital payment solution watch our video.

Product Data Store – foundational open data capabilities

Posted on by Marketing Team

From October 2020, all Australian authorised deposit-taking institutions (ADIs) will be required to begin sharing Product Reference Data.

Bank rates, fees and the features of banking products covered by Consumer Data Right (CDR) legislation must be available to be automatically accessed in machine readable format in order for ADIs to be compliant with this first major Open Banking milestone. However, operational workflows and technology constraints can present challenges to the streamlined flow of this product data.

Cuscal’s Product Data Store forms part of our flexible and modular approach to Open Banking, providing organisations with an end-to-end, managed solution that takes care of CDR compliance obligations and realisation of the value-added opportunities enabled by the CDR.

Vigil for Cards

Posted on by Marketing Team

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.

Monoova becomes the latest non-bank to connect to the NPP

Posted on by Marketing Team

Business person at computer

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

Getting your business ready for Open Banking

Posted on by Marketing Team


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?

  • What organisations should consider as part of their Open Banking strategy
  • What we can learn from open data regimes overseas
  • Examples of Open Banking innovation which have relevance in Australia
  • How to approach the compliance obligations while taking advantage of the opportunities

Open Banking is much more than a compliance exercise

Posted on by Marketing Team

Open Banking and open data

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

P&N Bank Digital Card Issuance

Posted on by Marketing Team

P&N Bank, the largest locally owned and operated bank in Western Australia, and Cuscal worked in partnership on an Australian-first innovation with the instant Digital Card Issuance API, delivering a seamless digital customer experience for new and existing customers.

Watch the video for more on how P&N Bank, Data Action and Cuscal collaborated to deliver this customer-focus solution.

The NPP is starting to realise its potential

Posted on by Marketing Team

We have been thrilled by the reaction to the recent article which broke the news about the New Payments Platform (NPP) collaboration between Cuscal and Assembly Payments. We’ve both been fielding lots of enquiries from companies keen to emulate Carsales and so we thought we’d write this article to tell you a bit more about how the collaboration works and the best way to bring the benefits of real-time payments to your customers.

We think the NPP is a fantastic opportunity for any e-commerce company that is sending large amounts of money around or just needs to move money fast. Whether this is large volumes of transactions (or just large transactions) the benefits are clear – immediate, verified payments with detailed descriptions will enhance customer experience and minimise enquiries.

What is the NPP and how do you connect?
The NPP is the new, decentralised payments infrastructure which allows participating financial institutions (including Cuscal and the RBA) to move money between each other in seconds, 24/7. To become part of the infrastructure (a ‘Participant’) is a lengthy, complex process and you are required to be an Authorised Deposit-taking Institution (as it’s a regulated environment and requires access to RBA settlement facilities). However, most companies don’t need to do this. They can get the same benefits, more cheaply and easily by connecting to one of the Participants.

What levels of connection and capability are there?
The second official level of connection to the NPP is called an ‘Identified Institution’. The collaboration between Cuscal and Assembly Payments is big news because Assembly is the first company that is NOT a financial institution to be officially recognised as an Identified Institution. This means Assembly can register and create PayIDs for others and offer NPP services to its own customers, like Carsales.

Complicated? It doesn’t have to be.
While the background, and some of the terms, are a bit complicated, actually using the NPP is getting easier. Most companies will connect through APIs. The New Payments Platform has recently published its API framework which enables third parties to get a greater understanding of the platform and what it can do, using a sample API Sandbox.

Each NPP Participant will support their own APIs based on the NPP API Framework. Cuscal has already released REST APIs, which is how Assembly accesses NPP and Osko services to move money in real-time between Cuscal and other financial institutions.

Using the NPP is even quicker and easier for those companies that don’t need to become an NPP Identified Institution but want the benefits that come with NPP and Osko payments. For example, Carsales is enabled for NPP services through the Assembly platform.

Which path is right for you?
It depends on what you want to do.

  • Talk to Cuscal if you want to become an Identified Institution, like Assembly, and offer PayIDs and NPP services to your own customers. This path will suit businesses such as financial institutions and payment service providers.
  • Talk to Assembly if you would like a full suite of multi-channel payment solutions including real time NPP payments, PayIDs, underwriting, fraud and KYC services. This path will suit many online businesses, especially corporate enterprises, marketplaces and ecommerce platforms.

If you’re confused as to which path is right for you, just get in touch with either one of us and we’ll steer you in the right direction!

By Nathan Churchward, Cuscal and Simon Lee, Assembly Payments

Vigil fraud monitoring service

Posted on by Marketing Team

With the growth of debit and credit card transactions and the introduction of real-time payments, Australian financial institutions and their customers are becoming increasingly attractive targets for fraudsters.

Having a fraud strategy and solution in place that can help your organization to stay ahead of emerging fraud trends and protect your customers, brand and balance sheet is critical.

Our intelligent fraud monitoring and detection service, Vigil, combines our extensive fraud monitoring experience with advanced artificial intelligence and machine learning technology to help predict and prevent fraud losses before they occur.

With 24/7 monitoring by experienced fraud operations and a flexible and agile platform, Vigil can decline potentially fraudulent transactions in real-time with greater power and accuracy for support payments.

Our online case management tool provides your organization with direct access to view transactions and alerts, giving you more visibility to emerging fraud trends than ever before.

Vigil for the New Payments Platform

Posted on by Marketing Team

With the launch of the New Payments Platform, there is a perception that the speed of real-time payments will increase the risk of fraud and leave customers vulnerable to attacks. In reality, real-time payments aren’t inherently riskier than other payment methods, but organisations should be vigilant to the evolving threat of fraud and increase their focus on planning and prevention.

Partnering with Cuscal can help your organisation to manage the risk of real-time payments fraud.

Our Vigil for NPP service combines our extensive fraud monitoring experience with the latest artificial intelligence and machine learning technology from our partner Feedzai, to deliver instant decisions about the authenticity of real-time payment requests without sacrificing the real-time authorisation response times that are essential for the New Payments Platform.

The Vigil for NPP service supplements the blacklist functionality of Cuscal’s core NPP solution, providing your business with an enhanced fraud protection service that integrates seamlessly with Cuscal’s NPP Solution.