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Author: Rachael Shupe

Four Technologies Transforming Australian Payments

Posted on by Rachael Shupe
Lady making a payment with a card at a POS terminal.

The way Australians pay is changing rapidly. Industry leaders discussed the technology reshaping the future of payments in Australia at Cuscal’s Curious Thinkers 2024.

From speed and security to customer experience and fraud prevention, these innovations are creating new opportunities (and challenges) for the payments landscape.

Below, we recap four key technologies discussed by panelists: Real-time Payments, Digital Wallets, Digital Identity, and Data.

1. Real-time Payments

Real-time payments deliver instant, account-to-account transfers, boosting cash flow and eliminating settlement delays. PayTo, a feature of Australia’s New Payments Platform (NPP), offers both businesses and consumers more visibility and control over their payments while maintaining security and privacy.

Real-time payments are already proving effective across multiple industries, including retail, utilities, and government transactions, reinforcing their long-term viability and reliability.

Many Australians still default to traditional card payments, making widespread adoption slower than expected. However, panelists noted that once users try PayTo, they consistently choose it for its convenience and security.

“What we are finding is people, once they’ve used it … they really like it…We’re certainly seeing the proof that real-time account-to-account can be used in many, many situations.”
Tom Rundle, Chief Product Officer, Azupay

Set-up for success

Driving adoption of real-time payments will take effort from both banks and businesses, including:

  • Optimising business integration: Ensuring backend systems support real-time reconciliation and reporting will help businesses transition smoothly.
  • Strengthening security and trust: Clear fraud prevention measures and robust consumer protections will reassure users and encourage uptake.
  • Raising consumer awareness: Educating customers on the benefits of real-time payments, such as speed, reliability, and security, will boost confidence and usage.


2. Digital Wallets

Digital wallets let users store payment cards on their smartphones or wearable devices to make quick, secure payments in stores, online, and in apps. Instead of using a physical card, users can tap and pay at contactless terminals or authorise transactions digitally.

Digital wallets have become a go-to payment method in Australia.

According to the RBA, Australians made over 398 million mobile wallet payments in February 2025, totaling more than $16.6 billion across both credit and debit cards.

“Consumers expect payments to be as seamless as the services they use. Digital wallets fit that expectation.” Tom Rundle, Chief Product Officer, Azupay

Set-up for success

Key enablers that will help drive adoption include:

  • Provider agnostic solutions: Implementing solutions that support multiple digital wallet providers.
  • Complementing real-time payments: Understanding when and how to offer both digital wallets and real-time payments to meet consumer expectations for convenience and security.


3. Digital Identity

Digital identity will play a key role in the future of payments in Australia. Strong verification mechanisms, such as biometric authentication and government-issued digital IDs, will be crucial in reducing fraud and enhancing transaction security.

Biometric authentication is already playing a role in how Australians access financial services, with many institutions using tools like facial recognition and fingerprint scanning to verify users.

“Digital identity [enables] two things. It’s who are you? And the other thing is what are you allowed to do? And often [not all parties to a payment] need both of those pieces.” Tom Rundle, Chief Product Officer, Azupay

Set-up for success

Key enablers that will help drive adoption include:

  • Building consumer trust: Consumers need confidence that their digital identity is secure, private, and protected against misuse.
  • Interoperability across systems: A widely accepted digital identity must integrate seamlessly across financial institutions, businesses, and government services.


4. Transaction Data

Data is transforming payment ecosystems, helping businesses enhance fraud detection, improve customer experiences, and streamline reconciliation.

More Australian businesses are harnessing structured payment data to improve reconciliation and fraud detection. AI-powered analytics are enabling financial institutions to identify suspicious transactions in real time. Additionally, data-driven decision-making is helping businesses streamline payments, cut operational costs, and enhance security.

Set-up for success

Key enablers that will help drive adoption include:

  • Accurate data: Ensure data accuracy to prevent processing errors.
  • Data standardisation: Industry-standard formats to ensure interoperability across financial networks.
  • Prioritise privacy and security: Strong security and privacy measures to maintain consumer trust and regulatory compliance.


Bringing it all together

The payments landscape in Australia is evolving rapidly, driven by real-time transactions, digital wallets, digital identity, and data innovation.

These technologies offer immense benefits, from faster and more secure payments to enhanced customer experiences. However, successful adoption depends on trust, seamless integration, and consumer awareness.

This article builds on the insights from the first in our series, which explored how businesses can create a consumer-centred payment system to drive loyalty.

References
Reserve Bank of Australia, ‘C1.1 Credit and Charge Cards – Original Series’ and ‘C2.1 Debit Cards – Original Series’, Reserve Bank of Australia website, statistical tables, February 2025, accessed 30 April 2025, <https://www.rba.gov.au/statistics/tables/xls/c01-1-hist.xlsx, and https://www.rba.gov.au/statistics/tables/xls/c02-1-hist.xlsx>

Important Information: Information in this article is current as at 16 May 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.

Revisiting Curious Thinkers 2024

Posted on by Rachael Shupe

Cuscal held its annual invite-only client conference, Curious Thinkers, on 12-13 November 2024 at the W Sydney. There was a talented line up of international and local speakers discussing the possibilities of payments. We heard about the future of payments, the global economy, AI, the digital world we live in, fraud and scams, and data monetisation.

Thanks to our MC Adam Spencer and all our thought-provoking speakers; Alan Thorogood, Angela Powell, Anushri Bansal, Barbara Wixom, Brendan Dowling, Cameron McEvoy, Charlotte Rush, Chris de Wit, Dom Thurbon, Edle Everaert, Evan Craig, Kausar Kenning, Lee Yearsley, Lynne Cardwell, Marc Eames, Michael Blomfield, Monica Muski Angelis, Nathan Churchward, Stela Solar, Tom Rundle, and Tracy Hall.

We look forward to seeing our clients again at Curious Thinkers 2025.

Watch the video to reflect on Curious Thinkers 2024.

Important Information: The information in this video is current as at 12 and 13 November 2024 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. The information contained in the web copy and video does not constitute an offer, a solicitation of an offer or to enter a legally binding contract. The video contains material provided by third parties. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. Although Cuscal has made every effort to ensure the information is free from error, Cuscal does not warrant the accuracy, adequacy or completeness of the information. Except where contrary to law, Cuscal intends by this notice to exclude liability for the information. 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.

How to Make a Payments Experience Drive Loyalty

Posted on by Rachael Shupe
Lady on the lounge using her tablet and paying for something with her card.

Did you know that, according to a recent report from Xero, 25% of consumers would visit another business if their preferred payment method wasn’t available? These days, payments are more than just transactions – they are make-or-break moments for customer retention.

The importance of consumer-centred payment systems was a key theme at Cuscal’s Curious Thinkers 2024 event. The panel highlighted why businesses must rethink their payment systems to align with consumer expectations and offer seamless, secure, and flexible options.

Below, we explore the shifting landscape of consumer payments, why businesses must prioritise a consumer-centred approach, and steps they can take to enhance the payment experience for their customers.

Meeting Consumer Expectations: The Changing Payments Landscape
Consumers today expect more choice, transparency, and security in their payment interactions. The rise of digital wallets, real-time payments, and buy-now-pay-later (BNPL) solutions reflect this demand.

The report from Xero on how businesses and consumers are making and taking payments found that:

  • 38% of consumers experience frustration when their preferred payment method isn’t available.
  • 26% cite limited payment options as a reason for dissatisfaction.
  • 25% would visit another business that accepts more payment methods.

These statistics underscore the need for businesses to offer diverse, frictionless payment options to meet evolving consumer expectations.

Beyond Transactions: Why Payment Experience Matters
Have you ever abandoned a purchase because the checkout process was too complicated or a payment option you preferred wasn’t available?

Payments are an essential touchpoint in the purchase process that can influence customer satisfaction and brand perception, for better or worse. Whether it’s a quick tap at a café or a major online purchase, a seamless payment experience can foster trust and build loyalty.

The rapid growth of e-commerce has been a major driver of this shift. Take Amazon, for example. Its one-click payment system revolutionised online shopping by eliminating unnecessary steps and reducing checkout friction. Similarly, Apple Pay and Google PayTM have redefined mobile transactions by allowing secure, instant payments with minimal effort.

Consumers accustomed to fast and frictionless online payments expect the same convenience across all channels. For businesses, this means:

  • Delivering on speed and simplicity: Customers expect fast and intuitive transactions.
  • Ensuring security and privacy to build trust: Clear authentication measures without unnecessary hurdles.
  • Offering choice and flexibility: Multiple payment options to cater to different preferences.
  • Managing complexity: Ensuring smooth integration and efficient backend systems while offering more payment options.

How Businesses Can Create Better Payment Experiences
Developing a consumer-centred payment system requires practical steps and thoughtful strategies. Below are recommendations from Cuscal’s Head of Payments & Innovation, Nathan Churchward, on how businesses can create a better payment experience for customers.

Know Your Customers, Meet Their Needs
Businesses must assess their customers’ behaviour and preferences to tailor payment solutions. Different demographics and business types have unique payment needs, so offering a one-size-fits-all solution may not be effective. Local payment providers can offer practical solutions to help businesses choose the best payment options for their customers.

Listening to consumer feedback is also key. Understanding and addressing pain points in the payment journey helps refine strategies, improve the experience, and build trust with customers.

Make Payments Effortless and Secure
A great payment experience should be both effortless and secure. Tokenisation helps by reducing the number of times customers need to enter their card details, making transactions smoother while keeping data safe. Digital wallets like Apple Pay simplify the process even further, allowing for fast, secure payments with a single tap. The best solutions remove friction and enhance security without adding extra steps.

Empower Customers Through Information
Customers feel more confident when they understand how different payment options work and what benefits they offer. Businesses that educate customers on their choices (especially when encouraging a preferred payment method) build trust and transparency.

If using surcharges to guide payment decisions, pairing them with clear explanations ensures customers see the value rather than just the cost. It’s also important to reassure customers about security, especially for prepaid services or payments made in advance, by highlighting measures in place to protect their funds.

Seamless Payments, Streamlined Experience
Payments should work in real-time and integrate seamlessly into business operations. Traditionally, card payments have led the way in integration and instant processing, but newer options like NPP and PayTo are catching up. The challenge has been ensuring these payment types update systems in real-time for smoother reconciliation and automation.

Businesses should seek payment providers that offer real-time payment APIs to maintain efficiency without compromise. PayTo, for example, enhances integration by eliminating the need for customers to manually enter details, allowing businesses to pass transaction data directly to the customer’s bank for easy authorisation. The right payment solutions should support automation, reduce manual processing, and improve the overall payment experience for both businesses and customers.

Prioritising Consumer Needs for Long-Term Success
A truly consumer-centred payment system goes beyond technology. It requires a deep understanding of customer behaviour, a commitment to security, and an effort to educate users. Businesses that align their payment strategies with consumer needs will enhance customer satisfaction and drive loyalty and long-term growth.

By investing in seamless, secure, and flexible payment solutions, businesses can transform payments from a transaction into a competitive advantage.

References
ANZ Subject Matter Experts 2024, ‘The digital payment revolution: what businesses need to know’, ANZ Insights website, article, 6 November 2024, article, accessed 17 February 2025, <https://www.anz.com/institutional/insights/articles/2024-10/the-digital-payment-revolution>

ANZ Worldline 2024, ‘Why Chief Market Officers should prioritise their payment strategy Part I’, ANZ Worldline website, article, 9 September 2022, accessed 17 February 2025, <https://anzworldline.com.au/en/home/knowledge-hub/blogs/why-chief-market-officers-should-prioritise-their-payment-strate>

Xero 2024, ‘I want to pay that way’, Xero website, report, 2024, accessed 17 February 2025, <http://www.xero.com/campaign/i-want-to-pay-that-way>

Knowledge at Wharton Staff 2017, ‘Why Amazon’s ‘1-Click’ Ordering Was a Game Changer’, Knowledge at Wharton website, podcast and article, 14 September 2017, accessed 11 March 2025, <https://knowledge.wharton.upenn.edu/podcast/knowledge-at-wharton-podcast/amazons-1-click-goes-off-patent>

Google Pay is a trademark of Google LLC.
Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.

Important Information: Information in this article is current as at 14 March 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.

Why Smart AI Starts with Smarter Data

Posted on by Rachael Shupe
Lady looking at a tablet.

Getting the Most Out of Your AI by Improving the Quality of Your Data
AI is transforming how payments businesses, financial institutions, and corporates operate by improving efficiency, fraud monitoring, and customer experience. The value AI delivers hinges on the quality of the data it processes, a key theme discussed at Cuscal’s Curious Thinkers 2024 event.

AI applications are already making an impact in financial services with customer service bots, predictive analytics, and fraud monitoring systems. According to the Wall Street Journal, businesses are already using AI to provide personalised offerings to clients, identify clients, and identify fraud in real-time.

AI adoption in financial services is accelerating, with a recent ASIC review identifying 624 AI use cases across banking, credit, insurance, and financial advice. Over half (57%) were developed in the past two years or still in progress, and 61% of licensees plan to expand AI use within the next year. This momentum reflects the sector’s commitment to leveraging AI-driven solutions to stay competitive and deliver enhanced value to customers.

These advancements are delivering measurable benefits, but they are only as effective as the data that supports them. As IBM notes, poor-quality data can undermine AI initiatives, leading to unreliable outputs and heightened business risk.

The Opportunity for Payments Businesses
Generative AI is reshaping industries, offering both economic and operational advantages. J.P. Morgan Research estimates that generative AI could boost global GDP by as much as 10%, adding between $7–10 trillion to the economy. Over the next few years, it is also expected to drive a significant surge in workforce productivity.

Closer to home, AI adoption is delivering tangible economic benefits for Australian businesses. Recent research from Microsoft and Mandala estimates that by 2035, the AI economy could generate $18.8 billion in annual revenue for Australia. Additionally, businesses investing in generative AI are seeing a $3.50 return for every $1 spent, often within just 14 months.

The success of these AI systems, however, hinges on the quality of the data driving them. AI tools process enormous amounts of datasets to generate insights. When those datasets are incomplete, inaccurate, or poor quality, the results can be unreliable—or worse, damaging.

The Quality Question
Payments providers and financial institutions handle vast amounts of data every day. From transaction histories to customer profiles, this data feeds into AI models that help businesses make smarter decisions and optimise operations.

When data quality is neglected, the consequences can ripple across the organisation and may contribute to:   

  • Misjudged risk assessments, leading to financial losses or missed opportunities 
  • Flawed market insights, resulting in poor investment decisions
  • Inaccurate customer recommendations, damaging trust and satisfaction

As AI adoption accelerates, so too does the importance of ensuring data is accurate, complete, and relevant. Details that might have been overlooked in the past—such as timestamps or metadata—now play a critical role in delivering reliable AI outputs.

Steps to Improve Data Quality
Investing in data quality is critical for payments businesses aiming to leverage AI effectively. Taking action in these areas can make a significant difference:

1. Data cleaning: Removing or correcting errors ensures accuracy and improves performance. IBM highlights how this step reduces risks and enhances results.
2. Data governance: Establishing clear processes for collecting, storing, and managing data creates consistency and reliability.
3. Regular monitoring: Ongoing audits help identify and fix data quality gaps before they affect AI outputs.

By addressing these challenges, organisations can unlock smarter decision-making, better customer outcomes, and a competitive edge. Because high-quality data isn’t just a technical asset—it’s a strategic one.

The Future of AI in Payments
The payments industry is evolving rapidly, with AI playing an increasingly important role in shaping it’s future. Organisations ready to invest in data quality will be the ones leading the way.

References
Australian Securities & Investments Commission, ‘Beware the gap: Governance arrangements in the face of AI innovation, Report 798’, Australian Securities & Investments Commission website, report, October 2024, accessed 10 January 2025,<https://download.asic.gov.au/media/mtllqjo0/rep-798-published-29-october-2024.pdf>

Belle, L 2024, ‘These New AI Bots Will Do Just About Anything for You’, Wall Street Journal, article, 24 August 2024, accessed 10 January 2025,<https://download.asic.gov.au/media/mtllqjo0/rep-798-published-29-october-2024.pdf>

Bousquette, I 2024, ‘Visa Has Deployed Hundreds of AI Use Cases. It’s Not Stopping’, Wall Street Journal, article, 1 November 2024, accessed 10 January 2025, <https://www.wsj.com/articles/visa-has-deployed-hundreds-of-ai-use-cases-its-not-stopping-4febe1b4>

J.P. Morgan, ‘Is generative AI a game changer?’, J.P. Morgan website, global research, 14 February 2024, accessed 10 January 2025,<https://www.jpmorgan.com/insights/global-research/artificial-intelligence/generative-ai>

|Microsoft, ‘New research identifies Australia’s most promising opportunities in the new global AI economy’, Microsoft website, features, 7 November 2024, accessed 10 January 2025, <https://news.microsoft.com/en-au/features/new-research-identifies-australias-most-promising-opportunities-in-the-new-global-ai-economy/>

Rogers, J 2024, ‘What Is Data Cleaning?’, IBM website, article, 29 November 2024, accessed 10 January 2025,<https://www.ibm.com/think/topics/data-cleaning>

Important Information: Information in this article is current as at 19 February 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.

Why Leadership Holds the Key to AI-driven Growth

Posted on by Rachael Shupe
Lady standing with her arms folded.

CEOs are crucial to maximising the benefits of AI
The rise of AI opens up exciting opportunities for payments businesses to grow quickly, but it also brings its share of challenges. CEOs are uniquely positioned to guide their organisations in using AI effectively and across the board.

The challenges of using AI to scale
One key learning from Cuscal’s Curious Thinkers 2024 event – scale is invaluable to businesses. Particularly when it comes to keeping their valued customers happy and creating the payment solutions of the future.

We are living in exciting times. New technology—especially AI—has kicked open the door of opportunity for businesses, offering new pathways to expand and grow.

According to Accenture’s report on the state of AI Maturity, scaling with AI comes down to mastering a set of key capabilities in the right combinations—not only in data and AI, but also in organisational strategy, talent and culture. To maximise its potential, it must be applied effectively across the business as a whole, ensuring:

  • the use of AI supports the overall business objectives,
  • innovation and creativity are encouraged, and
  • everyone is on board with the approach, from leaders to teams.

If you are currently using AI for small projects, the thought of transitioning to widespread use might be overwhelming – it can be a formidable task.

Many businesses operate in silos, which can lead to mixed efforts, poor communication, and inefficiencies. AI initiatives often highlight these problems even more.

There can also be fear around AI—it can feel complex and risky. To succeed, it’s crucial to get everyone in the organisation to understand and support its value.

CEOs must lead the way
Scaling doesn’t happen without teamwork, but the CEO plays a critical role in its success.

As the person with the big-picture view, the CEO has the influence needed to break down the barriers between teams and keep everyone focused on their shared goals.

In fact, a study from Accenture found that when CEOs lead AI efforts, companies tend to see better results because they are uniquely positioned to:

  • Set a clear vision for what AI can achieve,
  • Build trust and confidence in the technology, and
  • Ensure AI projects are part of the larger business strategy.

The same study also reported that when leaders believe in AI early on, not only is adoption accelerated, it also drives positive changes across the business. This highlights the CEO’s crucial role as both a guide and a champion for AI.

Turning opportunity into action
Recent articles in IT Wire and IT News highlight an exciting turning point for Australian businesses. With groundbreaking technological shifts, the opportunities to unlock new growth are immense—and bold CEO’s are leading the charge.

Telstra’s CEO, Vicki Brady, has implemented AI tools including AskTelstra and One Sentence Summary to enhance customer service. Similarly, Wesfarmers’ CEO, Rob Scott, introduced AI-enabled technology in Bunnings delivering real-time product information, improving both customer experience and operational efficiency. These stories underscore how decisive leadership is driving innovation and shaping the future of business.

References:
Accenture: The Art of AI Maturity | Accenture
IT Wire: iTWire – Telstra scales up AI adoption following ‘promising pilots’ of generative AI solutions improving customer experience
IT News: ‘Wesfarmers goes deeper into AI and digital‘

Important Information: Information in this article is current as at 13 February 2024 and is subject to change. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. 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.

From Leadership to Loyalty

Posted on by Rachael Shupe
Charlotte Rush pictured on stage at Curious Thinkers 2024

How To Build Customer Experience Excellence by Unlocking Leadership Potential
In an industry driven by precision, trust, and innovation, payments businesses often focus on the technical infrastructure that powers their operations . However, a fundamental, often overlooked element of success lies in the people who lead these businesses—your managers. As Charlotte Rush, Head of Growth at Inventium, pointed out during Cuscal’s Curious Thinkers 2024 event, leadership is not only the heart and soul of organisations but also a critical driver of customer experience and, ultimately, business performance.

The Leadership Tightrope
In today’s fast-moving business landscape, managers face unprecedented expectations. They are tasked with motivating teams, navigating technological disruption, and maintaining regulatory compliance—all while being thrust into roles with minimal preparation. As Rush aptly noted,

Management is the only job you don’t practice before you do it.

This gap in preparation often results in managers who are technically proficient but lack the people-centric skills needed to build team resilience, navigate complexity, and inspire innovation. The consequences ripple outward, affecting employee engagement and ultimately customer satisfaction.

Why Leaders Matter
Your managers don’t just oversee operations. They are custodians of culture with the power to influence how well teams adapt to change, innovate, and ultimately enable seamless customer experiences.

How Smart Companies Build Better Leaders 
Organisations that excel at leadership development recognise it as a strategic investment, not a cost. Rush’s research highlighted several traits that standout companies share to prepare their managers for the challenges of tomorrow.

Here are the top strategies you can adopt: 

1. Create training built for real-world challenges 
Seek, a leader in talent management services uses virtual reality and in-person workshops to prepare their leaders for complex scenarios. Payments businesses can tailor similar training to simulate the environments their executives will navigate during growth phases.

2. Give leaders the support they need
Zillow, a USA-based tech real-estate business, pairs managers in mentorship programs to share ideas and problem-solve. Payments leaders could use peer networks to tackle challenges like scaling secure systems or improving customer retention.

3. Test leadership strategies before rolling them out
Deloitte’s ‘people panel’ experiments with leadership ideas on small groups before applying them broadly. Payments businesses can test compliance processes or CX innovations the same way.

4. Show that leadership is a priority
Seek’s CEO personally invites executives to their leadership program, making attendance non-negotiable. This level of executive sponsorship signals to teams that leadership development is integral to business success.

Measuring What Matters
Investing in leadership is only as effective as the metrics used to evaluate it. Rush cautioned against reliance on “vanity metrics,” such as generic engagement scores or isolated training attendance. Instead, payments organisations must tie leadership outcomes to tangible business goals:

  • Customer Metrics: Track improvements in customer retention, satisfaction, and transaction speed as leadership skills evolve.
  • Employee Performance: Measure team efficiency, error reduction, and adherence to regulatory standards under well-trained managers.
  • Operational Outcomes: Monitor the scalability and security of payment systems as leadership initiatives take hold.

Strong Leaders Build Strong Payments Businesses
To drive meaningful change, payments organisations must move beyond technical training and invest in leadership development that fosters a customer-first mindset, builds resilient teams, and delivers measurable business outcomes. As Rush concluded, “If our leaders fail, we fail.”

Watch Back to the Future: The Workplace for 2025 and Beyond from Curious Thinkers 2024 for more actionable insights into leadership excellence and how it drives competitive advantage in the payments space.

Important Information: Information in this article is current as at 12 November 2024 and is subject to change. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. 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.

How to Build your AI Rulebook

Posted on by Rachael Shupe

Artificial Intelligence (AI) is fast becoming a feature of Australian business – whether senior management likes it or not. And as employees become more comfortable with tools like ChatGPT, businesses will need to create, implement and enforce rules to govern its usage.

The AI Train Has Left the Station  
One of the central themes to emerge from Cuscal’s flagship thought leadership event, Curious Thinkers 2024, was the rapid adoption of AI technology by Australian workers, many of whom are already using it in their daily tasks.  Research commissioned by Salesforce and Slack reveals that 53% of Australian professionals are actively using or experimenting with generative AI in their work environments, a notable increase from 36% in 2023. Alarmingly, 44% of employees in Australia are utilizing generative AI without the oversight or permission of business leaders, according to research conducted by automation specialist technology firm UiPath, which surveyed over 1,100 Australian workers.

During the Curious Thinkers 2024 session titled The Future of Operating Models and Workforce Shifts in the Age of AI, the panel discussed that there can certainly be benefits from employee AI experimentation and agreed that employees are often best placed to identify where AI can improve day-to-day tasks and unlock efficiencies. But without proper guidance, a ‘cowboy’ attitude to AI deployment carries numerous risks, including compliance breaches, data privacy violations, and misaligned business objectives.

Playing by the Rules 
Businesses need to develop and implement guidelines or policies for AI usage even if they’re not using the technology in any official capacity – because studies show that employees are using it without being expressly permitted.

These rulebooks will vary between businesses, but some of the ideas touched on by the panel include: 

1. Program usage 
Businesses must clearly specify which AI programs can be used by employees. This ensures that all AI tools are vetted for quality, safety, and compliance – reducing the risk of unsanctioned AI use. 

2. Data integrity 
Businesses need to define what data can be used as input for the AI. This is crucial for maintaining data privacy and security, and for ensuring that the AI operates within its intended parameters. 
 
 3. Train and customise 
For an AI tool to be truly fit for purpose, it needs to be trained on a business’s own data so it can refine and optimise its output. This even extends to off-the-shelf AI solutions, which should be trained using internal data to help give context to the work being done.  
 
 4. Align with business goals 
All AI experiments and use cases should be in direct alignment with the business outcomes that the business is driving. This helps to ensure that AI usage contributes to the overall objectives of the business, rather than becoming a distraction.

Lead, Don’t Follow 
Each payments business will need to consider its own operational structures and reporting lines. This will ensure that any AI experiments are being conducted appropriately, and that successful ones can be developed and further implemented across the organisation.   

Ultimately, the exact shape of these rules and reporting lines will depend on individual business goals, but these four common themes should provide a useful starting point for executives looking to shore up their AI practices.  

AI Adoption in Australia

  • Generational Divide: Adoption rates show that 63% of Millennials, 57% of Generation Z, and 44% of Generation X are leveraging generative AI technologies compared to just 20% of Baby Boomers . This indicates that younger generations are more likely to embrace AI technologies in their daily and professional lives.
  • Business Integration: According to an independent survey commissioned by business loan comparison platform Small Business Loans Australia 60% of Australian businesses are already using or planning to integrate AI into their operations over the next two years, with 37% having adopted it already.
  • Productivity Gains: Embracing the use of AI to improve existing processes and enhance platforms is the safest place to start your generative AI journey and deliver incremental benefit over time.

These statistics highlight not only the rapid growth and integration of AI within Australian workplaces but also emphasise the necessity for organisations to take proactive steps to ensure they harness these tools effectively while safeguarding compliance and aligning with strategic goals.

Important Information: Information in this article is current as at 8 January 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. 

Australia’s Opportunity and Responsibility: Shaping a More Secure Region and a Safer Digital World

Posted on by Rachael Shupe

Brendan Dowling, Australia’s Ambassador for Cyber Affairs and Critical Technology, Department of Foreign Affairs & Trade at Curious Thinkers 2024 in Sydney.

Brendan leads Australia’s international engagement on cyber affairs and critical technology issues, while delivering cyber capacity building, crisis response and building resilience across our region. He also served as the First Assistant Secretary for Digital and Technology Security Policy in Home Affairs.

Watch the video to hear from Brendan on the evolution of cybercrime and the role of every organisation in making clear design and deployment choices that increase the protection for themselves and the broader ecosystem.

Important Information: The information in this web copy and video are current as at 12 November 2024 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. The information contained in the web copy and video does not constitute an offer, a solicitation of an offer or to enter a legally binding contract. The video contains material provided by third parties. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. Although Cuscal has made every effort to ensure the information is free from error, Cuscal does not warrant the accuracy, adequacy or completeness of the information. Except where contrary to law, Cuscal intends by this notice to exclude liability for the information. 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.

Back to the Future: The Workplace for 2025 and Beyond

Posted on by Rachael Shupe

Charlotte Rush, Head of Growth, Inventium at Curious Thinkers 2024 in Sydney.

Charlotte is an Organisational Psychologist who has worked with organisations in Asia, the United States and Australia, helping them shape their organisation-wide innovation programs and supporting leaders to create great places to work. She has written about innovation, the future of work and organisational psychology.

Watch the video to hear from Charlotte on what it takes to build a workplace that thrives in an era of constant change, growing expectations, and unprecedented opportunity. Are you ready to shape the future?

Important Information: The information in this web copy and video are current as at 12 November 2024 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. The information contained in the web copy and video does not constitute an offer, a solicitation of an offer or to enter a legally binding contract. The video contains material provided by third parties. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. Although Cuscal has made every effort to ensure the information is free from error, Cuscal does not warrant the accuracy, adequacy or completeness of the information. Except where contrary to law, Cuscal intends by this notice to exclude liability for the information. 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 lodges Prospectus with ASIC in relation to an Initial Public Offering and ASX Listing

Posted on by Rachael Shupe

Sydney, 8 November 2024

  • Cuscal is expected to list on the ASX on 25 November 2024 under the ASX ticker “CCL”.
  • Market capitalisation at Offer Price of $479m.
  • Part of the primary proceeds to be used to support Cuscal in executing its growth strategy.

Cuscal Limited (Cuscal or the Company), today lodged a Prospectus with ASIC in relation to an Initial Public Offering of 134.7m shares at a price of $2.50 per share (Offer Price). The Offer size of ~$337m comprises $40m of new capital to be raised by Cuscal, with the remaining ~$297m enabling existing shareholders to realise part of their investment in Cuscal (Shares).

The proceeds Cuscal receives from the issue of new Shares under the Offer will initially be invested in investment securities. Cuscal also expects the funds to be used to support working capital requirements; maintain a strong balance sheet and meet regulatory capital requirements; support continued investment in system resilience; and executing Cuscal’s growth strategy.

The Offer comprises:

  • The Retail Offer, consisting of the:
    • Broker Firm Offer, which is open only to Australian and New Zealand resident investors who are not Institutional Investors and who have received an invitation from their Broker to participate;
    • Employee and Director Priority Offer, which is open to Eligible Employees and Directors in Australia who may each apply for a guaranteed minimum allocation of $5,000 worth of Shares; and
  • The Institutional Offer, which consists of an invitation to bid for Shares made to Institutional Investors in Australia, New Zealand and a number of other eligible jurisdictions.

The Institutional Offer includes a cornerstone process which was commenced prior to the Prospectus Date. It is expected that certain Institutional Investors will make a commitment to acquire Shares under the Institutional Offer prior to the Institutional Offer bookbuild.

No general public offer of Shares will be made under the Offer.

The Offer is not underwritten and there will be an institutional bookbuild held on 21 November 2024 to determine final allocations of the Offer shares to raise the amount sought to be raised under the Offer.

Cuscal overview

Cuscal is an authorised deposit-taking institution (ADI), with the licences, connectivity and processing capability to support all payment types and regulated data services. The combination of these capabilities and credentials within a single organisation in Australia is limited to the four major Australian banks (Major Banks) and Cuscal.

Cuscal provides payment services to banks, financial technology companies and corporates, enabling its clients to provide payment services to their customers. As a B2B provider, Cuscal operates in the infrastructure layer of the Australian payments market, connecting clients to local payments infrastructure.

Cuscal’s business model includes the provision of three core payments capabilities including issuing, acquiring and payments. Cuscal is building capabilities in the emerging regulated data services industry and, while in its early days, it is anticipated that this may provide additional opportunities for growth as regulated data services become increasingly integrated with payments in Australia.

Operating since 1966 through its earliest predecessor, the Australian Federation of Credit Union Leagues, Cuscal has evolved from an aggregator of services for mutual ADIs to a trusted payments solutions provider.

Cuscal Chairman, Elizabeth Proust AO, said:

“Cuscal plays a crucial role in supporting connectivity to the Australian payments infrastructure for a diverse range of clients. Our unique position as an authorised deposit-taking institution, combined with our comprehensive ‘End-to-End’ capabilities in payments and regulated data services, sets us apart in the industry in Australia.

“Cuscal has been at the forefront of innovation in the payments sector, having been the first Australian company to launch connectivity solutions for Apple Pay, Google Pay and Samsung Pay. As one of 13 original shareholders of the New Payments Platform (NPP), Cuscal played a key role in the design and initial delivery of the NPP across Australia.

“Underpinning Cuscal’s strong performance is our experienced Management team, led by our Managing Director, Craig Kennedy, and a dedicated team who bring deep sector expertise across the payments landscape.

“Lodging our Prospectus ahead of an ASX listing represents a significant milestone in Cuscal’s journey, with the fundamental purpose of becoming a listed company being to give Cuscal deeper access to funding sources and provide the Management team greater flexibility to execute growth initiatives.

“On behalf of the Board, I am excited to present both current and prospective shareholders with the opportunity to invest in and contribute to Cuscal’s ongoing growth and I encourage all potential investors to read the Prospectus carefully and in its entirety.”

Cuscal Managing Director, Craig Kennedy, said:

“Cuscal powers seamless and secure connections for our clients and their customers across a range of payment types and regulated data services. We are a fully licenced authorised deposit-taking institution with a track record of successful investment that is well positioned to grow.

“Outside of the Major Banks, we are the largest centralised provider of payments infrastructure in the Australian payments industry.

“We have three key strengths – strong competitive advantages, a predictable financial model, and attractive growth fundamentals – that position Cuscal as a differentiated B2B connector to the Australian payments landscape.

“We have a long-contracted and diversified client base and we will continue to look at opportunities to expand the breadth of our payment services capabilities.

“Becoming a publicly listed company will enhance our ability to serve our clients and stakeholders. We are excited by the opportunity to welcome new investors to join us in the next chapter of the Cuscal growth story.”

Indicative IPO timetable

Prospectus Date8 November 2024
Retail Offer opens18 November 2024
Retail Offer closes20 November 2024
Institutional Offer bookbuild21 November 2024
Expected commencement of trading of Shares on ASX on a conditional and deferred settlement basis25 November 2024
Settlement26 November 2024
Issue and transfer of Shares (Completion)27 November 2024
Expected commencement of trading of Shares on ASX on a normal settlement basis27 November 2024
Expected dispatch of holding statements28 November 2024

The dates above are indicative only and may change.

BofA Securities is acting as Sole Global Coordinator, Sole Bookrunner and Joint Lead Manager. Bell Potter Securities Limited, Ord Minnett Limited and MST Financial Services Pty Ltd are acting as Joint Lead Managers to the Offer. Gilbert + Tobin is acting as Australian legal adviser to Cuscal.

For media enquiries please contact:
Peter Brookes
+61 (0)407 911 389

    – ENDS –

    IMPORTANT NOTICES
    Capitalised terms not defined in this document have the meaning given in the Prospectus.

    This document contains certain forward-looking statements and comments about future events. Forward-looking statements can generally be identified by the use of forward-looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause the Company and the Group’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, and many of these factors are beyond the Company and the Group’s control. Forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainty and other factors, many of which are outside the control of the Company and the Group. As such, undue reliance should not be placed on any forward-looking statement.

    Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company and the Group.

    This document is not, and does not constitute, an offer to sell or the solicitation, invitation, advertisement or recommendation to purchase any securities or other financial products in any jurisdiction and neither this document nor any of the information contained herein shall form the basis of any contract or commitment. In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States.

    The information in this document remains subject to change without notice. No responsibility or liability is assumed by the Company, its related bodies corporate or any of their respective officers, employees, advisers and agents for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which any member of that group may become aware.

    Full details about the Offer are contained in the Prospectus dated 8 November 2024 issued by Cuscal Limited (ACN 087 822 455) and Cuscal SaleCo Limited (ACN 670 386 713).

    The Prospectus is available in electronic form to Australian and New Zealand residents on the Company’s offer website, https://events.miraqle.com/cuscal-ipo. The Offer constituted by the Prospectus in electronic form is available only to Australian and New Zealand residents accessing the website within Australia or New Zealand and is not available to persons in any other jurisdictions, including the United States.

    A hard copy of the Prospectus is available free of charge during the Offer period to any person in Australia by calling the Cuscal Offer Information Line on 1800 336 109 (toll free within Australia) or +61 1800 336 109 (outside Australia) between 8:30am and 5:30pm (Sydney time), Monday to Friday (excluding public holidays). Applications for Shares may only be made on the Application Form attached to, or accompanying, the Prospectus in its hard copy form, or in its soft copy form available online at https://events.miraqle.com/cuscal-ipo, together with an electronic copy of the Prospectus. By making an Application, you declare that you were given access to the Prospectus, together with an Application Form.

    The Corporations Act prohibits any person from passing the Application Form on to another person unless it is attached to, or accompanied by, the Prospectus in its paper copy form or the complete and unaltered electronic version of the Prospectus.