Cuscal Limited (ASX:CCL) (Cuscal or the Company) has been recognised as the Best IPO Listing at the Adam Smith Awards Asia 2025.
The Award recognises Cuscal’s disciplined execution, strategic positioning and strong investor engagement ahead of its successful listing on the Australian Securities Exchange (ASX) on 25 November 2024, with the Company having attracted strong interest.
Today, Cuscal also celebrates its first anniversary as a listed company. The company continues to perform strongly, having delivered a maiden full year result that exceeded its Prospectus profit forecast, as well as announcing the proposed acquisition of Indue Limited (Indue).
Cuscal Managing Director, Craig Kennedy, said winning the Award is a testament to the Company’s strong foundations and collaborative culture.
“Receiving this Award is an honour and reflects the strong fundamentals of our business, the support of our clients and shareholders and the hard work and disciplined execution of our team and advisers in delivering a successful IPO in a challenging market.”
“An IPO is an important milestone in the growth journey of any company, and for Cuscal it will enable us to continue investing in innovation and delivering trusted payments services for our clients.”
“Awards are a nice outcome, but our real ambition is to continue to deliver innovative solutions for our clients and strong returns for our shareholders. To have delivered on both those goals since listing is validation of our efforts, and we look forward to continuing to do so as we grow.”
About Cuscal As a leading payments and regulated data services provider, Cuscal has played a key role in the Australian financial ecosystem since its foundation in 1966. Cuscal’s offerings connect banks, Fintechs, and corporates to Australia’s payments infrastructure, delivering reliability, resilience, and innovation.
Ray Ang found her purpose in an unexpected place: the complex world of financial data. As Senior Manager for Data Platforms, Governance and Data Risk at Cuscal, she is driven by the real, everyday impact payments have on people and communities. In this Q&A, our Women in Payments Awards nominee, shares how her team ensures data integrity across every transaction and why engaging diverse stakeholders is the key to success.
Could you tell us a bit about yourself and your role at Cuscal?
I’ve been at Cuscal for a year now. I initially joined as a Senior Manager for Data Governance to build a team focused on uplifting Cuscal’s overall ways of governing our data, in line with the regulatory requirements of being a financial institution.
Most recently, I’ve taken on additional responsibility, leading the team that manages our Data Platforms, Governance, and Data Risk. In this role, I set the direction for how we manage data and its associated risks across the entire lifecycle, ensuring we treat data as a strategic asset. This includes overseeing the development of new data solutions and strengthening data management and governance practices across Cuscal.
What’s the most interesting or exciting part of growing your career at Cuscal?
The environment at Cuscal is quite different from a large organisation. I previously worked at one of the “Big Four”, where I was very deep into one specific component of a large framework.
At Cuscal, I can focus on breadth rather than depth. I’ve been able to contribute my experience across different knowledge components, ensuring I can manage the whole data lifecycle and contribute widely, while leaving the deep specialisation to the experts on my team. The ability to drive end-to-end strategy here is far more exciting than at a big bank.
What sparked your initial interest in the payments industry, and how has your journey evolved since then?
Sometimes, working in a corporate data role, it’s difficult to explain to people how you meaningfully contribute to the community’s day-to-day life. My partner works at a hospital and sees that tangible impact every single day. In payments, we also make a difference, but it’s not always immediately visible to everyone.
The reason I moved to payments was that I wanted to find more purpose in my field. Now, I can directly see how I’m helping the Australian community make those essential daily payments at the grocery store or the medical centre.
We are a B2B organisation, serving banks, mutual banks, and fintechs so their customers can have real-time payments and more. My team manages the critical controls between our core systems and the settlement reports we send to our clients for regulatory compliance. If the data is incorrect, our clients cannot comply with financial regulations. Our work is crucial for ensuring transactions are accurate and reliable. That’s how my team helps keep the financial ecosystem running smoothly.
Can you share a pivotal moment or challenge in your career that shaped who you are today?
Early in my career, I was in management consultancy. I started as a graduate and was quickly exposed to how different industries operate and how to communicate with diverse stakeholders – from the C-Suite and middle management to the people actually executing the work. That was pivotal because it helped me build the skills needed to connect with, talk to and understand how any organisation operates.
In my data leadership role at Cuscal, I focus on bridging the gap between diverse data needs across the organisation. Everyone has different requirements for data, and it’s critical to understand the key outcomes expected by stakeholders—from data engineers to senior leadership. Whether it’s a request for NPP (New Payments Platform) statistics or RBA compliance, I interpret these needs and translate them into actionable tasks for my team.
This ability to communicate effectively at multiple levels and turn complex requirements into meaningful insights has been fundamental to my career—and it’s what makes data a true strategic asset at Cuscal.
What do you believe are the most significant changes or opportunities in the payments industry right now?
The payments industry is evolving rapidly from cash and cheques, to cards and now to instant payment products, like PayID®and NPP. Customers today expect speed, convenience and security, and that expectation is driving innovation.
The biggest opportunity lies in using data to understand how customers interact with payment products. These insights allow us to design solutions that are faster, smarter and more relevant. For Tier 2 and mutual banks, this is critical to staying competitive and trusted in a market dominated by larger institutions.
Another major shift is the rise of scams and fraud, which makes it essential to build resilient payment infrastructure that can withstand these threats while ensuring secure and seamless delivery of payments. Combining strong governance with innovation will be key to creating safe, reliable and customer-focused solutions.
Consumers should be given more options, empowering them to access payment solutions that suit their lifestyle while maintaining trust and security. The focus must be on innovating and delivering safe, compliant and customer-focused payment products that meet evolving expectations.
What advice would you give to others, especially women, looking to build a career in payments?
This is an area where, unfortunately, we don’t see as many women. My advice to women, or anyone curious about payments and data, is that there is space for you if you are willing to learn. If you are curious, step into it. Find mentors who can encourage you to look beyond the current workforce, which is still quite male-dominated in this specific field.
Ultimately, you are the only person who can provide yourself with that opportunity. Don’t let yourself be the one who limits your potential.
Cuscal is proud to nominate Ray for a prestigious Women in Payments Award. These awards honour women payments professionals who have demonstrated exceptional leadership, innovation and promise. Find out more about the awards.
PayID® is a registered trademark of NPP Australia Limited.
Important Information: Information in this article is current as at 19 November 2025 and is subject to change. This article represents the opinions and views of the personal experiences of the panellists only. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business. Cuscal Limited ABN 95 087 822 455.
The payments industry is evolving faster than ever – and Lalita Babu is always one step ahead. Cuscal’s Senior Manager for Group Operational Risk has built a remarkable career on anticipating challenges before they arrive. In this Q&A, our Women in Payments Awards nominee discusses why self-education is non-negotiable, how to stay proactive in a reactive industry, and the major shifts reshaping operational risk in payments.
Could you tell us a bit about yourself – both your role at Cuscal and what you enjoy outside of work?
As Senior Manager for Group Operational Risk at Cuscal, my primary role involves driving the implementation of our risk management framework and actively partnering with the business. This ensures that all operational risks are managed effectively and remain within our defined risk appetite.
Outside of work, I really prioritise family time. Friday evenings are a ritual for my husband, kids and me – we play board games! It’s a great way to unwind after a busy week and set us up for the weekend.
What’s the most interesting or exciting part of growing your career at Cuscal?
I’ve been at Cuscal for four-and-a-half years and have moved through three roles: Compliance Manager for Open Banking, Domain Risk and Compliance Manager, and finally to Senior Manager of Group Operational Risk.
Naturally, I love learning, and Cuscal provides the perfect ground for it. No two days are the same in this fast-paced environment. Each new challenge is an opportunity to improve.
My career progression here has been exciting because each move broadened my expertise. I went from focusing on consumer data rights to managing the entire breadth of Cuscal’s operations, including payments, fraud, data issuing and acquiring, before moving into group-wide oversight and advisory. It’s helped me grow continuously in knowledge and breadth.
What sparked your initial interest in the payments industry, and how has your journey evolved since then? Although I’ve been in financial services since 2005, my interest in the payments industry was sparked around 2018, when I began reading about data protection laws, such as Europe’s GDPR, and following Australia’s plan for the Consumer Data Right. When the open banking opportunity came up at Cuscal in 2021, I was ready to jump in.
Joining Cuscal was my real entry point into payments. I started learning about the entire payment processing value chain – from merchants and banks to payment processors and schemes. What I’ve realised is that this industry has evolved so rapidly due to new technology and changing consumer behaviour – we demand everything to be fast, quick and secure.
As a risk and compliance person, my mindset is always focused on what can go wrong in any process. This forces me to analyse the entire function and proactively prepare for risks. Self-learning has been key; you can never claim to know everything because something new comes up every single day.
Can you share a pivotal moment or challenge in your career that shaped who you are today?
I spent almost 13 years working in superannuation. At one point, I realised I needed to look outside my current domain. So, I decided to pursue a master’s degree in law to gain formal education on how to read and interpret legislation, case law and actual scenarios.
This was a turning point because it taught me that you don’t need to be bound by where you are currently working; you can always expand your knowledge if you’re ready to learn and put yourself out there.
That self-investment allowed me to successfully take the opportunity at Cuscal in 2021. Even though I was in superannuation, I had been following open banking and was prepared to make the transition. That period shaped my career by confirming the importance of not inhibiting yourself from taking those opportunities.
What do you believe are the most significant changes or opportunities in the payments industry right now?
The payments industry is practically defined by changing consumer behaviour. Consumer needs keep evolving, which drives new technology, innovation and regulations to manage those changes, and tougher competition.
From a risk perspective, fraud and scams are certainly front-of-mind for everyone. The industry needs to secure payments and ensure customers feel protected. Technology, particularly artificial intelligence, is going to play a huge part in preventing fraud and scams.
The other significant opportunity is embedded finance: integrating financial services into non-financial areas. Buy now, pay later is a great example of this. Embedded finance brings new ideas and easier ways of doing things for consumers.
For me, risk management is all about being proactive, not reactive. The more we know about how our world is changing, the better we can prepare.
What advice would you give to others, especially women, looking to build a career in payments?
In the past, people assumed you needed a finance degree to work in the financial sector. Now, I believe it doesn’t matter what your domain of expertise is – there’s always a role if you’re interested in how finance and payments function in the real world.
The most important advice I can give is to prioritise self-learning. Women often have very busy schedules outside of their 9-to-5 jobs, balancing family and other activities. Finding time to invest in your education is critical.
In my own career, making that investment opened doors I didn’t even know existed. We often wait for the “perfect” opportunity, but every single step you take matters. Keep investing time and energy in yourself, and you’ll realise you are preparing yourself for opportunities you didn’t see coming.
Cuscal is proud to nominate Lalita for a prestigious Women in Payments Award. These awards honour women payments professionals who have demonstrated exceptional leadership, innovation and promise. Find out more about the awards.
Important Information: Information in this article is current as at 17 November 2025 and is subject to change. This article represents the opinions and views of the personal experiences of the panellists only. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business. Cuscal Limited ABN 95 087 822 455.
When Jackie Gubanyi joined Cuscal four years ago, she saw an opportunity to drive real cultural change. Since then, our Senior Human Resources People and Culture Business Partner has spearheaded the company’s first Diversity, Equity and Inclusion strategy and Reflect Reconciliation Action Plan (RAP). Now as one of our Women in Payments Awards nominee’s, Jackie shares how she has created a more inclusive workplace, her thoughts on artificial intelligence’s impact on the payments industry and why taking a non-linear career path might be your greatest advantage.
Could you tell us a bit about yourself and your role at Cuscal?
I’ve been with Cuscal for four years, starting as a People and Culture Business Partner, and I was promoted to Senior People and Culture Business Partner in 2024. I’ve had the opportunity to support nearly every area of the business, which has given me an incredible, holistic view of Cuscal’s operations.
In a nutshell, my role is to ensure that Cuscal’s people have a great experience. That includes everything from engagement and culture to leadership coaching, organisational change and strategic workforce planning. It’s about creating a safe, legally compliant and genuinely inclusive environment where people feel empowered to bring their whole selves to work.
What’s the most interesting or exciting part of growing your career at Cuscal?
The fact that I’ve been empowered to spearhead so many amazing initiatives that have genuinely impacted the organisation. When I first joined, our formal diversity, equity and inclusion (DEI) framework was somewhat limited. I was incredibly passionate about that space, so I put my hand up and essentially volunteered to create one!
Creating a formal DEI strategy was a mammoth task. We developed our DEI strategy by actively listening to our employees—gathering their insights, lived experiences, and feedback to ensure our approach was inclusive, meaningful, and truly reflective of our organisational culture. We then wove those insights into all aspects of our employee life cycle, including our Environmental, Social and Governance (ESG) framework and our Employee Value Proposition (EVP).
I then realised we needed to go one step further and create our Reflect RAP. This was another year-and-a-half-long commitment, which involved creating a working group, deeply exploring Cuscal’s position on reconciliation, and commissioning the beautiful artwork that now represents our commitment. Getting the plan approved by Reconciliation Australia was no easy task, but an incredibly rewarding one.
My role has allowed me to lead these really big, interesting pieces of work. Being able to drive such profound cultural change while in a Business Partner role has been the most exciting part of my journey here.
What sparked your initial interest in the payments industry, and how has your journey evolved since then?
I’ve been in the payments industry for about 14 years now, including four with Cuscal. It’s simply a fascinating space to be in. It’s fast-paced and ever-changing. There’s always something happening, whether it’s new regulations, new products coming to market, or new players entering the field. It is absolutely a growing space, not a dying industry. No matter what the currency – whether it’s through bartering, gold or digital transfers – we are always going to need to pay people. It’s an industry that’s foundational to modern commerce, and that constant evolution keeps it incredibly stimulating.
Can you share a pivotal moment or challenge in your career that shaped who you are today?
At my previous organisation, I began as an human resource (HR) generalist and later transitioned into employee relations (ER), where I focused on navigating complex and often sensitive people issues. Combining that ER expertise with my broader HR background gave me a unique and well-rounded perspective. This dual lens has been instrumental in shaping how I approach organisational culture and, importantly, how I contribute to DEI initiatives.
Understanding the nuances of employee relations has helped me recognise systemic barriers and advocate for fair, inclusive practices. It’s also enabled me to balance the need for a psychologically safe and empowering workplace with the operational realities of compliance and fairness. That foundation has been key to driving meaningful cultural change and embedding DEI into every aspect of how we work.
What do you believe are the most significant changes or opportunities in the payments industry right now?
As an HR professional, artificial intelligence (AI) is the biggest change. The massive question is: What does that mean for our employees?
This is a huge, ongoing organisational change, and we need to ensure people feel supported, safe and free to utilise these new technologies and skills. We need to help them understand that AI won’t necessarily impact their careers negatively; it will help their roles evolve. This change touches every aspect of my role: upskilling, change management, and the safety and ethical considerations of it all. It’s massive, and it’s happening now.
What advice would you give to others, especially women, looking to build a career in payments?
Don’t be too fixated or hung up on the end game of your career. Take different roles and opportunities as they come to you. You need to gather exposure to different skills, capabilities and experiences because you never know where it will take you.
If someone suggests you consider an opportunity, consider it! Don’t just dismiss it because it doesn’t meet a rigid, defined career path. There is no linear approach to success. Gaining knowledge and experience across different areas is far more important to help you progress than following a predefined route.
Cuscal is proud to nominate Jackie for a prestigious Women in Payments Award. These awards honour women payments professionals who have demonstrated exceptional leadership, innovation and promise. Find out more about the awards.
Important Information: Information in this article is current as at 14 November 2025 and is subject to change. This article represents the opinions and views of the personal experiences of the panellists only. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business. Cuscal Limited ABN 95 087 822 455.
Pooja Sainani has been involved in some of the most pivotal moments in Australian payments history. As Cuscal’s Product Solutions Manager and our inspiring Women in Payments Awards nominee, she is driven by the tangible impact of payments and technology on everyday life. In this Q&A, Pooja discusses her remarkable career journey, the fraud and scam challenges facing the industry, and why she is determined to “flip the narrative” about what it means to be the only woman in the room.
Could you tell us a bit about yourself – both your role at Cuscal and what you enjoy outside of work?
I currently work as a Product Solutions Manager within the newly created Product Solutions & Innovation team. We sit across all Cuscal’s products, engaging with technology, risk, legal and sales departments. We mainly work on new initiatives that align with Cuscal’s strategic objectives, whether they come from clients, industry trends or regulatory changes.
My career at Cuscal has been very progressive with organic growth. Before this role, I was a Client Solution Consultant and a Solutions Architect. As an Architect, I was a generalist – I designed technology for most of the services Cuscal offered, from acquiring and issuing to direct entry and disputes management. This gave me a broad, foundational understanding of everything we do, which is incredibly useful in my role now.
Outside of work, I have a nine-year-old daughter, and I love spending time with her. We love music and dancing. We do social line dancing, and we have a karaoke session every Friday. We are always karaoke ready!
What’s the most interesting or exciting part of growing your career at Cuscal?
What’s been most exciting is that my growth has been organic and often sideways. I’ve had the opportunity to move into several newly created teams. Sometimes leaders saw potential in me and offered me these roles because I could highlight how my technical background, combined with client experience, would benefit new initiatives. Each move built on the last: as a Solutions Architect, I learned about products, which helped me in consulting, and my consulting experience helped me see the strategic and innovation side of what we could do in Product Solutions & Innovation.
What sparked your initial interest in the payments industry, and how has your journey evolved since then?
I started as an IT Developer, so my initial focus was on software development rather than payments. But I soon became fascinated by the tangible, real-life impact of the payments software I was building.
When I was developing solutions for ATMs and POS (Point of Sale) devices, whenever I went to a café or supermarket, I’d check what terminal they were using and think, “I know exactly how this works.” That fascination with seeing the technology I worked on affecting people’s everyday lives drew me deeper into payments.
The evolution of payments since 2012 has been immense. We’ve gone from going to an ATM to take out money to simply tapping our phones to pay at a shop. Of course, with these modern advances come serious challenges, like fraud and scams. I find this side fascinating, too. Solving these issues is critical because payments impact every single person. It is truly a people connection.
Can you share a pivotal moment or challenge in your career that shaped who you are today?
I’ve been lucky enough to be involved in a few defining moments in Australian payments history. One was when Cuscal partnered with Square, a fintech company from the United States, to support the launch of its services in Australia. I was a Solutions Architect at the time, and seeing the challenges involved in adapting a fintech platform to meet Australia’s unique payment regulations was fascinating and really deepened my understanding of the local landscape.
Another major moment was the launch of the ‘Pays’ mobile payments – Google Pay, Apple Pay, and Samsung Pay. I was part of the design process, working with these global companies, as well as Visa, MasterCard and eftpos. Designing the solution that made mobile payments possible for the entire nation across every POS device was incredibly exciting and rewarding. Being part of the eftpos Technology Steering Committee at that time also made me feel like I was part of something much bigger.
What do you believe are the most significant changes or opportunities in the payments industry right now?
Fraud and scams are the absolute centre of everything right now. Cuscal is in a very interesting position. Because we process payments and have vast datasets which are critical to fraud monitoring. It will be amazing to see Cuscal as a leader in Australia for fraud monitoring in future.
The most significant opportunity is to use data to help mitigate fraud and scams. For me, the correlation between advanced data usage and better fraud monitoring is where the industry needs to play to make things safer for everyone.
What advice would you give to others, especially women, looking to build a career in payments?
My first piece of advice for women in payments or any male-dominated industry is simple: If you think you belong at the table, you belong at the table. Don’t shy away from showing your capabilities because you fear they won’t be liked.
My second piece of advice is: Put your hand up for things outside your current function and teams. It gives you the platform to learn other parts of the business, meet different people, and also show other capabilities. I participate in various groups – recent ones being cyber champion and a responsiveness working group.
For young women, particularly in tech, I want to flip the narrative. I have often been the only woman – the first female developer in an organisation, the only female architect in the team. I never felt discouraged; I felt proud and encouraged as Cuscal is great at supporting talent. We need to build that confidence in girls, to acknowledge their capability, from a young age.
Cuscal is proud to nominate Pooja for a prestigious Women in Payments Award. These awards honour women payments professionals who have demonstrated exceptional leadership, innovation and promise. Find out more about the awards.
Google Pay is a trademark of Google LLC. Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries. Samsung Pay is a trademark or registered trademark of Samsung Electronics Co., Ltd.
Important Information: Information in this article is current as at 12 November 2025 and is subject to change. This article represents the opinions and views of the personal experiences of the panellists only. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business. Cuscal Limited ABN 95 087 822 455.
Last month, we welcomed over 200 clients and partners from across banking, fintech, and payments to Curious Thinkers 2025, our annual event.
The two-day experience invited clients and partners to step back from day-to-day pressures and explore the evolving relationship between humans and technology. Across keynotes, panels, and immersive sessions, discussions moved beyond the next trend or product to the bigger question: how can we build a digital future grounded in trust, empathy, and shared progress?
From artificial intelligence (AI) and identity to leadership and collaboration, the summit revealed four defining themes shaping the road ahead: AI with Purpose, Trust as Advantage, Human Leadership, and Collective Progress.
1. Using AI Responsibly and with Purpose
Artificial intelligence dominated the conversation as a powerful, immediate force reshaping the way we work, connect, and make decisions. The focus has shifted from what’s possible to what’s responsible: how can we harness AI’s potential while managing the risks it creates?
AI is already transforming fraud detection, compliance, and customer experience, unlocking new efficiency and insight, but its value depends on the strength of the systems behind it. This includes the integrity of data, the ethics guiding design, and the governance that ensures accountability. In other words, the race is not to move faster, but to move smarter.
Brad Daffy, Partner at KPMG, noted that while 42% of U.S. organisations already use agentic AI systems to automate workflows across customer service, software development and compliance, accountability remains a key concern.
He also raised that confidence in AI is low locally, with only 36% of Australian’s willing to trust it.
The leaders best positioned to succeed are those who balance ambition with awareness, pairing innovation with a mindset of curious caution. They recognise that sustainable progress requires both speed and control, ensuring AI enhances human decision-making rather than replacing it.
2. Rebuilding Trust Through Payments, Data, and Digital Identity
The conversations at Curious Thinkers underscored a shared reality: consumer confidence has been shaken by the industrial scale of scams, fragmented identity systems, and the erosion of digital privacy.
Sue-Lin Wong, award winning journalist, host of Scam Inc. & Asia Correspondent for the Economist, revealed that scam networks now rival the illegal drug trade, with an estimated global impact of over $500 billion.
Rebuilding that trust is now a collective priority. The path forward lies in creating a more secure, interoperable, and human-centred trust architecture that brings payments, data, and identity together. The convergence of these systems is already underway, paving the way for user-controlled digital identities and verifiable credentials that protect consumers without creating friction.
Marie Austenaa, Head of Digital Identity, Europe, Visa, pointed to the Europe’s eIDAS 2.0 framework as a model for interoperable identity systems.
The Hon. Victor Dominello projected that in Australia, a national digital ID framework could unlock $19–32 billion in annual productivity gains.
Such frameworks have the power to transform the experience of both customers and institutions, replacing cumbersome verification processes with seamless, secure authentication. They also create the foundation for a more resilient digital economy, where security and convenience can finally coexist.
For financial institutions, this shift represents both a challenge and a competitive opportunity. In a world where trust itself has become scarce, being seen as transparent, ethical, and protective of customer well-being is a brand advantage in its own right.
3. The Value of Human Leadership in a Digital World
Beneath the layers of technology and transformation, Curious Thinkers 2025 returned time and again to a single truth: progress is human.
Leaders today are operating in an era defined by complexity and constant change. There is a need for a new kind of leadership that prioritises empathy, resilience, and purpose alongside performance. The ability to connect meaningfully, inspire trust, and foster psychological safety within teams is no longer optional; it’s a strategic capability.
Dr. Adam Fraser, Founder of The Evolution Lab, highlighted the toll of digital transformation on frontline staff, including secondary traumatic stress. Fraser advised leaders to advocate for “psychological first aid” and support emotional wellbeing in the workplace.
Equally, the customer experience has emerged as the ultimate differentiator. In a world of near-instant payments and intelligent automation, it’s emotion that drives loyalty. Organisations that design around human needs, feelings, and expectations are those best placed to stand out in an increasingly commoditised market.
As the pace of change accelerates, so too does the pressure on people. The discussions highlighted a growing awareness of the human toll of digital transformation, from burnout to decision fatigue. Investing in wellbeing, emotional intelligence, and culture isn’t a “soft” initiative; it’s the bedrock of sustainable growth.
4. Driving Growth Through Collaboration
Perhaps the most urgent takeaway is that no organisation can navigate this transformation alone. The challenges facing the payments ecosystem have outgrown the capacity of individual players.
Collaboration has shifted from being a strategic option to an operational necessity. The future will be built on shared infrastructure, collective intelligence, and cross-sector partnerships that balance innovation with inclusion. This ecosystem mindset is already evident in global initiatives that blend public policy, private investment, and regulatory design — and it’s gaining momentum in Australia.
Marie Austenaa described the EU’s digital identity pilots as examples of successful public-private co-creation. Breaking down silos and aligning around common standards will be critical to the next phase of industry progress.
Looking Ahead: Turning Shared Insight into Collective Action
The future of payments will be defined not by how quickly technology evolves, but by how responsibly and collaboratively we use it.
As AI, data, and digital identity continue to reshape the landscape, the real measure of progress will be trust. Trust in systems, in institutions, and in each other. By leading with purpose, empathy, and partnership, the industry can move beyond adaptation to true transformation.
Important Information: The information in this article is current as at 20 & 21 October 2025 and is subject to change. This information is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business. Cuscal Limited ABN 95 087 822 455.
Each year, on the last Friday of August, we come together to celebrate Wear It Purple Day, a powerful movement that champions safe, supportive, and inclusive environments for LGBTQIA+ youth. What began in 2010 as a student-led response to the tragic consequences of bullying and harassment has grown into an international movement of visibility, love, and solidarity.
The 2025 theme, ‘Bold Voices, Bright Futures’ celebrates LGBTQIA+ individuals living authentically and achieving their dreams in all areas of their lives, from sport and science to art and advocacy.
It’s a reminder that when we create inclusive spaces, we empower people to thrive.
At Cuscal, we believe that diversity, equity, and inclusion are not just values, they are commitments. We’re proud to support Wear It Purple Day; to celebrate the LGBTQIA+ community, both within and outside our workplace, to help build a culture where everyone feels seen, heard, and valued.
Whether you’re part of the LGBTQIA+ community or an ally, your voice and support matters. By wearing purple on 29 August 2025, you’re helping to create a brighter, more inclusive future for all.
Important Information: The information in this video is current as at 28 August 2025 and is subject to change. Cuscal Limited ABN 95 087 822 455.
In the time it takes to buy your morning coffee, over 1,500 invisible transactions have already silently pulsed across Australia. Each one representing a meal purchased, a bill paid, or a business deal closed.
This invisible network is the heartbeat of our economy, powering everything from everyday payments at the checkout to multi-million-dollar business deals. Yet few stop to think about the sophisticated technology behind it all.
From Cash to Code: The Seismic Shift in How We Pay
Not so long ago, cash was king, cheques were more common, and digital wallets were science fiction. Today, we’re living in a payment revolution that’s transforming how business gets done.
From tap-and-go to PayIDs and digital wallets, we’ve shifted from physical to digital, from delayed to real-time, and from passive transactions to dynamic customer experiences. This isn’t just evolution—it’s a complete reinvention of how money moves.
Rethinking Payments: Your Untapped Business Advantage
For today’s businesses, payments aren’t just a necessity—they’re a strategic advantage. They’re how innovative companies:
Deepen loyalty and lifetime value.
Streamline operations and scale efficiently.
Unlock insights through data.
Deliver better customer outcomes, faster.
Businesses like yours are behind some of the most cutting-edge payment experiences used today. And who is powering those experiences? We are.
Powering $450B+ in Payments Per Year: The Cuscal Story
Today, we’re tackling the big challenges: advancing open banking, fighting sophisticated fraud, and building tomorrow’s payment infrastructure.
Outside of the major banks, we’re the largest centralised provider of payment infrastructure connectivity in the Australian payments industry. We combine:
The licensing, capital strength, and regulatory credibility of an ADI,
The agility and innovation of a fintech,
A history of disciplined disruption, and
The resilience and security of a trusted, long-term partner.
We’re transforming the future of how money moves and how Australia does business.
Cuscal’s Impact in Numbers
Since our inception, we’ve partnered with forward-thinking businesses.
Payments aren’t one-size-fits-all. We collaborate with financial institutions, fintechs, and corporates — from superannuation funds and insurers to loyalty program providers — to enhance their customer experience through payments, working with them to deliver tailored solutions to meet their unique needs.
What’s Next: The Future of Digital Payments
The payment landscape continues to evolve at breakneck speed. From blockchain to biometrics, from embedded finance to invisible payments—the next wave of innovation is already here.
By delivering faster, safer, and smarter payment experiences, we’re transforming how money moves, supporting competition, and powering Australia’s progress—one transaction at a time.
Whether you’re a bank expanding its offering, a fintech scaling new products or any enterprise- sized business that’s powered by the ability to take and make payments, we’re your partner for what’s next.
Important Information: Information in this article is current as at 27 August 2025 and is subject to change. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
Diversity, equity, and inclusion (DEI) are more than just principles, they are embedded in how the Cuscal operates, leads, and grows. We’re committed to creating a workplace where every individual, regardless of their background, identity, or experience, feels safe, included, and empowered to thrive. Our commitment stems from the understanding that when people thrive, the business thrives too. DEI is a meaningful journey, with progress already underway in areas including gender pay equity and leadership representation.
Cuscal recognises that DEI extends beyond gender, embracing cultural diversity, First Nations inclusion, LGBTQIA+ representation, neurodiversity, and diversity of thought. Initiatives such as our hybrid working models and our neurodiverse-friendly office space are already making a difference. We acknowledge that building a truly inclusive workplace and culture takes time. Our employees are encouraged to actively champion DEI in their daily work, helping to shape a respectful, inclusive, and forward-thinking culture.
Watch the video and see our Chief Legal and People Officer, Freya Smith discuss moving DEI forward at Cuscal.
Important Information: The information in this video is current as at 26 August 2025 and is subject to change. This information is provided for general information purposes only and not for the purpose of providing legal, financial or investment advice. This web copy and video are not to be distributed to any other party without Cuscal’s prior written consent. Cuscal Limited ABN 95 087 822 455.
Cuscal Managing Director, Craig Kennedy has advised the market today that Cuscal Limited (Cuscal) has entered a conditional, binding agreement to acquire all of the shares in Indue Limited (Indue), an Australian payment services provider, subject to regulatory approvals (the Acquisition).
Commenting on the Acquisition, Cuscal Managing Director, Craig Kennedy said: “We are excited to announce the strategic acquisition of Indue. The Acquisition represents an important evolutionary step for both businesses, bringing together two organisations with a shared heritage, similar values and a complementary client base. The Acquisition is anticipated to drive material synergy opportunities and will result in a more resilient and more sustainable payments business.”
“We look forward to welcoming the Indue team and clients to Cuscal and believe that our experience in seamlessly integrating acquisitions and large-scale client migrations, along with the steps we have taken to ensure our success, including establishing an Integration Advisory Committee, will help us effectively combine the two businesses. It will also help us better support clients and staff and ultimately realise value for shareholders.”
When Cuscal joined the ASX last year, we made a commitment to pursue organic and inorganic growth, and the Acquisition marks a significant milestone in our strategic journey. Together with the outstanding banks and organisations we work with and support, we’re proud to have the opportunity to enable even more Australians to access the best in fast, secure, digital payment and data service experiences. The acquisition drives these benefits in the following ways:
Client benefits from enhanced product and service offerings, operational efficiencies and innovation at scale.
Improved resilience across capital, capabilities, cybersecurity and fraud monitoring that better positions the combined business to respond to heightened regulatory standards, complexity and cost.
Increased investment capacity from financial and product synergies that will enable greater innovation and investment in best-of-breed resources and capabilities to continue to deliver services both now and into the future.
Further updates will be shared once the Acquisition is completed (pending regulatory approvals).
