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Apple Pay coming to eftpos for Cuscal sponsored FIs

apple pay is now available for eftpos cardholders

Sydney, 6 February 2018: eftpos, Australia’s own debit payments network, today announced eftpos-only cardholders from six Cuscal sponsored financial institutions can now use Apple Pay, which is transforming mobile payments with an easy, secure and private way to pay that’s fast and convenient.

eftpos Acting CEO, Mr Paul Jennings, said that leading independent payments company Cuscal has worked with eftpos to enable six financial institutions to launch eftpos for Apple Pay today, offering their eftpos cardholders the choice of using Apple Pay with eftpos.

The Cuscal sponsored financial institutions include CUA, FCCS, Nexus Mutual, People’s Choice Credit Union, SCU More Generous Banking, and Woolworths Employees’ Credit Union.

Mr Jennings said Apple Pay with eftpos will provide eligible eftpos cardholders with the ability to make eftpos purchases on their iPhone or Apple Watch using their own money, processed in real time.

Security and privacy is at the core of Apple Pay. When you use an eftpos card from participating financial institutions with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorised with a one-time unique dynamic security code.

“Today marks another significant milestone for eftpos as we enable more consumers with an iPhone or Apple Watch to choose eftpos to make a transaction from their CHQ or SAV account,” Mr Jennings said. “As Australia’s most used debit card network, we are thrilled to provide consumers from these participating financial institutions with more payment choice, with added benefits of enhanced security and convenience.”

In stores, Apple Pay works with iPhone SE, iPhone 6 and later, and Apple Watch. To set up Apple Pay, cardholders from participating banks and credit unions simply need to open the Apple Wallet app in iOS 11 and follow the prompts.

Cuscal’s General Manager Product and Service, Robert Bell said: “Tens of thousands of eftpos cardholders can now pay with their iPhones, providing greater choice for our clients’ customers. We provide leading digital payment solutions to our clients, helping them to compete on a more level playing field with the big banks.”

For more information on Apple Pay, visit: http://www.apple.com/au/apple-pay/

This press release was originally published by eftpos.

About eftpos
eftpos is the most widely used debit card system in Australia, accounting about 2 billion CHQ and SAV transactions in 2017 worth more than $130 billion. For more information on eftpos, please visit: www.eftposaustralia.com.au

About Cuscal
Cuscal is Australia’s leading independent provider of payment solutions including card and acquiring products, mobile payments, NPP, fraud prevention, EFT switching and direct entry. We process 14% of Australia’s EFT transactions, have over 7.5 million cards under management and switch and acquire for around 35% of Australia’s ATMs. W: www.cuscal.com/ L: www.linkedin.com/company/cuscal

Media inquiries:

Warwick Ponder, eftpos
0408 410 593
WPonder@eftposaustralia.com.au

Jo Savill, Cuscal
0447555018
jsavill@cuscal.com.au

Smartphones – high security digital wallets

Customer paying with a digital wallet on a smartphone

When it comes to purchase convenience and security, Tap & Pay cards are the current leaders. But it is becoming clear that digital wallets are in the running to replace them. It is no longer a matter of “if” but “when”, with today’s announcement that eftpos cardholders can now use Apple Pay, adding to the suite of card schemes available on digital wallets. In addition to the convenience and ease-of-use benefits of digital wallets, it’s their cutting-edge, multi-layer security that makes them the better and safer option for payments.

However, surveys consistently show that customers are concerned about the safety of digital wallets. This concern arises in part from poor communication on how digital wallets are implemented and how they work. Digital wallets were designed to address the security flaws in cards and create a more secure payment method. They are safer than cards, by design, and their security starts with the smartphone.

The multi-layer security of the digital wallet
The security advantage digital wallets have over cards begins with their access to the computing power and features of the smartphone, including specialised security hardware for protecting personal information. This gives the digital wallet app secure storage for payment information where other apps or malware cannot access it.

  1. The first layer of security in a digital wallet comes into play when cards are added to the digital wallet app. Cards can be added using the phone’s camera, typing them in, or transferring them directly from some financial institutions’ apps. The app requires that the person adding the cards is verified as the owner of the cards before they can make payments. This may involve a one-time password sent via SMS to the phone or via email, or even a quick chat with customer service.
  2. The second security layer is the customer and how they control access to their phone. That control can be a PIN or pattern passcode, and, on more recent smartphones, biometric verification using their fingerprint, face or eyes. If the phone is lost, no one can use its digital wallet to make purchases without passing verification. However, for ease of use, some digital wallets do allow the customer to make small purchases without unlocking their phone.
  3. The third layer of security is called tokenisation. To increase transaction security, digital wallets do not store card details or share them when a payment is made. Instead, a token is generated when a card is added. This token is transmitted instead of the card details when a payment is made.

The token is a unique number that links the card to the customer’s device and digital wallet. This allows a customer to register the same card on multiple devices and with multiple digital wallet providers. It is generated by the payment infrastructure provider used by the digital wallet. The payment infrastructure provider stores the original account information on a heavily secured system called a Token Vault.

When a transaction is made the token is used by the payment processor to retrieve and verify the original card information from the Token Vault and complete the transfer of funds. The merchant never sees the actual card details and the account information never travels outside of secure networks. An additional benefit of tokenization is if the user loses their phone they do not need to cancel their card, but they do need to lock or remove the card from their digital wallet. Digital wallet providers have online services to do this in the event of a lost phone.

Finally, digital wallets are protected by the same 24/7 computer-based fraud monitoring and zero liability protections as Tap & Pay cards.

More than POS payments
Digital wallet providers are actively expanding the functionality of their apps. Digital wallets can be used to make purchases within apps and for online purchases. Some digital wallets can automatically provide your delivery address as part of an online transaction. The digital wallet may also store loyalty cards, event tickets and boarding passes that can be scanned from the screen of the phone.

As more transaction types are handled by digital wallets their use will continue to grow. With that growth will come a demand for financial institutions to offer their customers access to the digital wallet provider of their choice. Banks that won’t or can’t will lose customers.

Transitioning to digital wallets
Customers are already choosing financial institutions that are compatible with their phone and digital wallet provider. This is a clear signal that the technology is proven and spreading from early adopters to the mainstream. At the same time, the back office technology has been tried and tested. Deploying digital wallet services is now easier than ever.

Today or tomorrow, your customers are going digital. Be there for them. Find out more about our digital solutions.

By Trent Gunthorpe, Head of EFT, Acquiring and Digital

Fraud and AI: what you need to know

Artificial Intelligence (AI) is already having a significant impact on the way we do business today. From helpful chat bots guiding us through complex purchase journeys to detecting potentially fraudulent payments, AI has the potential to create seamless customer experiences while simultaneously processing large amounts of information.

Machine learning frees humans from the grunt work of data tracking and pattern analysis – it’s faster, more scalable and learns from past information. No wonder Gartner predicts that more than 40% of data science tasks will be automated by 2020.

So when it comes to balancing customer demand for real-time payments with secure fraud-mitigating authentication, AI is an effective enabling tool for fraud teams to focus their investigation skills in the best place to securely ensure the speed and rigour required for a real-time payment. And that’s why more organisations are exploring the use of AI, especially in the area of fraud.

What role could AI play in fraud prevention and detection?

Through machine learning, the complexity of big data really becomes useful. At Cuscal, we have partnered with Feedzai to provide an advanced risk management platform that will be core to protecting Cuscal clients from the evolving threat of fraud.

“When using Feedzai, banks have significantly improved fraud detection, reduced false positives and overall a better customer experience – outperforming leading non-AI solutions – that’s why banks like Citi and Capital One have backed Feedzai’s technology.” said Richard Harris, SVP Sales International from Feedzai.”

With so many more payment channels available – online, mobile, P2P – there are more points of vulnerability. More than ever, we need a complete view of customer activity across products, an integration of channels to improve the customer experience, and to make more data-backed business decisions.

How will AI strengthen existing fraud protection systems?

With AI’s ability to analyse complex data in real time, fraud teams are better equipped to predict fraud before it occurs and so minimise losses.  AI reduces some of the noise of large amounts of data to focus on the real threats.  As we prepare to launch the New Payments Platform (NPP) in Australia, we can expect to see digital transaction processing converge with analytics providing better insights. Machine learning will enable organisations to look at more data, from more sources, and make better predictions with less uncertainty.

Of course, bots could be working on both sides – and the next generation of AI-enabled fraud systems will also need to be prepared to tackle new and increasingly sophisticated fraud attempts and scams.

Every Australian financial institution connecting to the New Payments Platform (NPP) needs to consider their real-time fraud monitoring and ensure effective controls are in place. AI is likely to underpin best practice – checking every transaction in real time for anomalies and flagging suspicious activity for action by experienced fraud investigation teams.

Learn more about preventing fraud in a real-time world.

Fraud prevention: then and now

Fraud & AI Infographic

Learn more about preventing fraud in a real-time world.

By Michelle Trundle, Senior Manager, Fraud

Teachers Mutual Bank rolls out Cuscal mobile app

person using TMB mobile banking app, developed by Cuscal

Sydney, 7 November 2017 – Over 100,000 Teachers Mutual Bank members will be upgrading to a brand new digital platform, provided by Cuscal.

With a focus on member needs, the new Teachers Mutual Bank app will ensure members have convenient and easy access to a host of service features including the capacity to: block/report a lost/stolen card and change card PINs and access to increased security features.

“The new Teachers Mutual Bank mobile app empowers our members, giving them access to a wide range of features now; and provides us with the infrastructure to create innovation in the future,” stated Teachers Mutual Bank Limited’s Chief Sales and Marketing Officer (Acting), Gerard Smith.

“We have already been recognised as a leader in the financial services industry for customer service^. This new app builds on that reputation, giving our members access to banking functions more commonly associated with branch service, than self-service,” said Gerard Smith.

Cuscal worked with Teachers Mutual Bank, including several rounds of customer testing, to ensure that the app met the needs of the bank’s members.

”Cuscal helps financial institutions like Teachers Mutual Bank to compete with larger banks by providing great technology, which their customers really value,” said Cuscal’s Senior Manager Acquiring & Digital Solutions, Valentina Dunoski.

“With the launch of Teachers Mutual Bank’s app, there are now 22 brands using Cuscal’s white-label banking app – a number that has doubled in the past year and continues to grow. We also offer a growing suite of APIs, which financial institutions can plug into, as well as our other products like the New Payments Platform (NPP),” said Valentina Dunoski.

The rollout of the new Teachers Mutual Bank mobile application futureproofs the bank’s digital offering and will provide a platform for further innovation.

“The new app is a great platform, but over the next few years we want to go further. The next stages of our digital initiatives will give us a critical edge in a highly competitive banking market,” stated Gerard Smith.

Teachers Mutual Bank’s new mobile app can be downloaded for Apple devices from the App Store, and for Android devices from the Google Play store.

Media Contact
Jo Savill jsavill@cuscal.com.au 0447555018

*‘World’s Most Ethical Companies’ Award, from Ethisphere Institute. (Awarded, 2016, 2015, 2014)
^ Teachers Mutual Bank led Australia’s Top 15 consumer banks on customer satisfaction rates for Jan-Jun 2017, see Roy Morgan Research

Cuscal connecting over 50% of FIs to NPP

Person using the NPP to make an instant payment

Sydney, 26 October, 2017 – Today, the New Payments Platform (NPP) took an important step closer to an early 2018 launch as we passed a major checkpoint on the road to going live.

Each of the 13 shareholders of the NPP Australia Ltd has revealed which banks, credit unions and building societies they would be bringing live on Day 1. 29 financial institutions covering 39 retail banking brands will be connecting to the NPP from Day 1 via Cuscal – more than 50% of the total number.

Robert Bell (General Manager, Products and Service), said:

“Today is a significant milestone for Cuscal and our clients. Building the NPP infrastructure and then connecting to it has been a large and complex undertaking for everyone involved, no matter how big they are, so to pass these milestones is cause for celebration. We are very proud to be connecting such a large percentage of all financial institutions. It’s a real credit to the fantastic work of our Cuscal NPP Team and their counterparts at our clients and their core banking system providers.

“It demonstrates that large, medium and small financial institutions can all have access to the latest and greatest payment technology. Some of our clients connecting to the NPP have millions of customers and others have thousands, but all of them will be able to make and receive payments in real-time from the first day the NPP is publicly available.”

The list of financial institution brands connecting to the NPP via Cuscal at launch includes:

Bank Australia, Beyond Bank Australia, Big Sky Building Society, Australian Unity, Central Murray Credit Union, Catalyst Money, Illawarra Credit Union, Community First Credit Union, Easy Street Financial Services, Northern Beaches Credit Union, CUA, Credit Union SA, Defence Bank, First Option Credit Union, Ford Co-operative Credit Society, Goulburn Murray Credit Union, MyState, The Rock, Nexus Mutual, Orange Credit Union, P&N Bank, People’s Choice Credit Union, Police Bank, Police Credit Union, RACQ Bank, Comtax Credit Union, Security Credit Union, SCU, Select Encompass Credit Union, South West Credit, Firefighters Mutual Bank, Teachers Mutual Bank, UniBank, The Mac, Bankstown City Unity Bank, Reliance Bank, Unity Bank, Warwick Credit Union, WAW Credit Union.

Media contact
Jake Waddell jwaddell@cuscal.com.au 0417 312 902

Preventing fraud in a real-time world

People making instant payments with their phones

When the New Payments Platform (NPP) arrives, it will position Australia as a global leader in real-time payments. As exciting as that is, as a financial institution there are an array of practical considerations that you need to take into account. Key among them is managing the potential for fraud.

While fraud prevention may seem like a daunting task, in Australia we are well positioned to do so. Our existing services, such as “pay anyone,” are already well established, and we lead the world in smartphone adoption. That’s significant because smartphones offer greater opportunity for security and identification, including in-app messaging and biometrics.

We also have the benefit of being able to draw on key learnings from those who have gone before us in real-time payments. By studying the experiences of countries like the UK, for example, we can glean important insights and apply them here.

In this paper, we will outline the key considerations that you need to be aware of around fraud and explain what the NPP and Cuscal are doing to help prepare.

The reality is that although the NPP isn’t inherently riskier than our current payments system, you still need to be vigilant. Fraudsters are always looking for new opportunities to make money, so they could be waiting for the NPP to go live to try to test how secure it is.

To minimise that potential risk, it’s essential that you are ready when the NPP goes live.

Contents of the whitepaper:

  1. Lessons learned from the UK’s Faster Payments Service
  2. Understanding the threat
  3. Addressing the problem of fraud and real-time payments
  4. Spotlight on artificial intelligence and fraud prevention
  5. Moving ahead with the NPP with confidence

4 ways financial institutions are preparing for the NPP

People sitting in a row using digital devices

What happens when payments are as easy and immediate as sending a text message? While the digital opportunities of Australia’s new super-fast payments system are exciting, its speed may also increase the potential risk of fraudulent transactions. The NPP (New Payments Platform) isn’t more vulnerable to security breaches, but banks will no longer have the luxury of time to detect and respond to fraudulent or suspicious transactions.

And that’s why Australian financial institutions are already preparing for NPP – by shifting their risk focus to planning and prevention.

The NPP is a platform that enables real-time clearing and settlement for simple or complex payment solutions, between two people or between many. When it launches next year, almost all Australian bank account holders will be able to make and receive payments in seconds.

The promise of bank transfers clearing almost instantly – even on bank holidays and weekends – is alluring for consumers, business and government. But when payments happen faster, there won’t be time for our tried and tested detection processes. Based on the UK’s experience with its Faster Payment Service, the most common risk is likely to be social engineering scams, where fraudsters convince a customer to make a payment by posing as a trusted brand. Account compromises and mule accounts (for money laundering) are other possible fraud issues.

Any financial institution connecting to the NPP will need to have real-time fraud detection and response controls in place.

As one of the primary architects of the NPP, Cuscal is working with more than 30 financial institutions to securely connect to this game-changing banking infrastructure. Here are four ways we’re working with our clients to get ready.

1. Preparing for PayID verification. 

Forget BSBs and account numbers – with the NPP, bank accounts can be linked to the customer’s email address or mobile phone number. Easier to remember, these PayIDs are directly associated with the actual account name so there’s less risk of paying the wrong person. While this will help ensure payments go to the right place – it will also impact current payment verification protocols.

Financial institutions are responsible for registering customer information in PayID, and may be liable for any loss that results from incorrect or fraudulent data input. That’s why the account name associated with the PayID is an important control checkpoint and one banks need to pay particular attention to.

2. Setting strong controls for detail changes. 

Every PayID can be changed – for example, if a customer gets a new phone number – so banks are setting up new control processes to ensure customer detail updates are verified. Participating financial institutions can also set their own customer transaction limits.

Reassuringly, the NPP solely focuses on actively authorised payments: every payment must be approved by the account holder so there is no assumption of authority (as there is with direct debits or can be with credit card payments). This protection complements the strong authentication procedures that banks have in place when updating account details, as knowing the account number is not enough for a fraudster to access someone else’s account.

3. Sharing knowledge. 

Typical customer payment patterns are critical for fraud prevention, and Australian banks already have good visibility of this data. By working with Australian financial crime investigation and enforcement agencies, institutions are able to quickly identify scams and other fraudulent activity.

Financial institutions can supplement this shared knowledge with additional layers of real-time fraud monitoring. At Cuscal this includes a specialist fraud monitoring team, AI-enabled pattern recognition and data analysis and integration with the NPP’s inbuilt fraud detection capabilities.

4. Educating customers. 

Changing habits is always hard – so to establish trust in the security of this payment platform, financial institutions are investing in ongoing education programs. As well as helping Australian consumers and businesses select and manage their PayIDs, they are building awareness of current scams, how to report fraudulent transactions, and how to protect their identity.

Our digital economy never sleeps – but neither will fraudsters. To ensure the NPP doesn’t open the door to a new scam opportunity, Australia’s financial institutions are already preparing for this latest wave of payment innovation.

Learn more about preventing fraud in a real-time world.

By Nathan Churchward, Senior Manager, Payments

Payments insights from Money 20/20 in Europe

map of Europe with flags

I recently returned from a study tour to the world’s largest fintech event, the Money 20/20 conference in Copenhagen. We also met with major banks in Poland, which has one of the fastest growing economies in Europe and a payments industry with similar challenges to those in Australia. I was joined on the trip by my colleagues Bianca Bates, Head of Client Services and Rob Bell, General Manager, Product & Service.

Here are my reflections on how financial institutions are responding to the changing payments sector in Europe.

The dual threats to European payments: global tech giants & fintechs
Traditional banks are facing significant challenges in Europe. On the one side, global tech giants such as Alibaba, Amazon, Apple, Google and Facebook are capitalising on their significant scale and consumer trust to grow their share of the finance value chain, particularly the relationship with the customer. On the other side, small fintechs are able to innovate much more quickly than banks.

The threat posed by global tech giants and small fintechs is growing with Payments Service Directive 2 (PSD2) coming into force in 2018. PSD2 mandates for financial institutions to make cardholder data accessible to third-parties. It will mean that the end-user will own their transaction data and be able to choose who sees and uses the information. This open data directive will promote competition and innovation in the payments sector, meaning it will be much easier for tech giants and fintechs to take market share from traditional banks.

The threats to large financial institutions presented by PSD2 in Europe could soon be seen in Australia, with the Australian Productivity Commission’s recent report on data availability and use favouring open data, and the resulting transformation of our financial system and economy. This makes the insights on how European banks are responding to the directive particularly pertinent to Australian banks.
European financial institutions are responding to these threats in four main ways:

1. Collaborate to fend off competition
We saw examples of strong collaboration in both Poland and Denmark in response to these emerging competitors.

Danish banks, through aggregator company Nets, launched a very successful real time payments system, RealTime24/7, in the domestic market in 2014. This is the equivalent of the New Payments Platform (NPP), launching in Australia later this year.

The faster payments platform implementation in Denmark saw strong collaboration across the industry – they did not compete on their front end applications or by customising the solution for each bank. All Danish banks share the real time payments app, MobilePay, which uses its faster payments platform. The system has 4 million users (out of a population of 5.5 million), and 7 out of 8 transactions are originated by the app, largely replacing cash transactions.

Danish banks have also enabled Bluetooth at POS terminals so customers can use their mobile to pay via the faster payments platform.

Collaborating to make the most of the faster payments platform and making its use easy for consumers has helped financial institutions in Denmark to retain market share.

2. Invest in innovation hubs outside of financial institutions
Many banks have responded to the threat posed by fintech innovation by creating their own ‘incubators’, but generally they are still unable to move as quickly as nimbler, smaller fintech companies. Many speakers at Money 20/20 believe that partnering with smaller fintechs, or buying them, is a more successful strategy for innovation than trying to replicate them within a financial institution.

We saw a different approach in Poland, where a group of Visa clients from across Europe established an innovation hub with €20m budget in order to drive innovation across the payments ecosystem.

3. Innovate fast to compete directly with tech giants
PKO Bank Polski, the market-leading bank in Poland, developed an app to allow POS and P2P payments. The app lets customers generate a code for paying at POS terminals, or withdrawing cash at ATMs (similar to cardless cash in Australia). They sold the app into a joint venture with some of their competitors to get 60-70% of the market share. This is an example of a financial institution seizing an opportunity for technology to disrupt the payments market before the entrance of international competitors.

4. Focus on customer experience
A major theme emerging from our meetings and the Money 20/20 conference was the importance of the customer journey experience. This is an area that the global tech giants excel at, and something that financial institutions are increasingly concentrating on.

We heard that removing friction from the customer experience was critical for engagement. The slightest friction in a transaction can result in it being abandoned. Tech giants like Apple and Alibaba are very good at reducing friction for consumers, and banks are playing catch up to stay competitive.

Overall it was a valuable trip to learn about the challenges facing European financial institutions and the varying success of strategies to respond to those challenges, with many learnings for the Australian payments industry.

By Lauren McCormack, Senior Manager, EFT & rediATMs

Managing ATM fleets in a cashless Australia

Three ATMs in a brick wall

The recent announcement that Suncorp will be joining our rediATM network is the latest example of a financial institution adjusting to the gradual decline of cash and ATMs. Cash usage is down 22% over the past five years and ATM transactions are at a 15-year low. Against this backdrop, financial institutions are looking closely at how to manage their ATM fleets.

But while ATM usage is declining, they’re not gone yet. ATMs remain a convenient and secure way for customers to access their money, and are a more economical option than bank branches for financial institutions to maintain a physical presence. Contactless and digital payments are on the rise, but many people still like the feel of cold hard cash in their hands. So the question is: how do you balance the decline in ATM use with the existing needs of customers?

In these times, consolidation and sharing of ATM facilities is the best move for most financial institutions. It’s a good way to reduce expenditure in a declining market without exiting altogether. In the ATM industry we saw Cardtronics acquire DCPayments in October last year, adding 25,000 ATMs to its global portfolio of 225,000. Combined with the recent Suncorp announcement, there’s little doubt that more consolidation is on the horizon.

The cost of remaining relevant
Along with the constant maintenance expenses that come with owning an ATM fleet, there are some hefty and unavoidable new costs approaching in Australia.

For instance, the arrival of the next generation banknotes and their enhanced security features will necessitate a hardware upgrade. The new $10 note to be introduced later this year will mean changes for accepting deposits, while the new $50 note, coming next year, will mean dispensing hardware across the country also needs to be upgraded.

At the same time, ATM owners need to evolve their offering to remain relevant and increase the range of functions they provide. In the coming year, we will upgrade our rediATMs with new technologies that will make them more useful to customers and more valuable to financial institutions. Here are just a few of the innovations planned for the near future:

  • Paperless receipts – receive your receipts via sms or email
  • Contactless ATMs – rediATM will soon release contactless functionality
  • Cardless cash – customers can get a code from their mobile banking app to use at selected rediATMs.

These changes, and others to come, will continue to turn ATMs into secure self-service portals that will reduce branch costs for financial institutions while providing 24/7 service to customers. Sharing your ATM network will allow you to offer innovation and balance the cost of providing points of presence across Australia.

Innovation and maintenance comes at a cost, and that investment is being made in a climate of declining ATM use. So is it worth the investment?

Why shared ATM networks are the way to go
Reducing costs is a major driving factor for joining a shared ATM network – but these agreements also benefit financial institutions in several other ways. For example:

  • Providing increased ATM locations to your customers without deploying additional machines
  • Setting an agreed strategic direction through established governance practice for the network, such as the rediATM Advisory Council
  • Benefiting from collective knowledge and experience to guide the development of the ATM fleet and navigate the cashless world
  • Ensuring your customers can access cash when and where they need it, anywhere in Australia.

Shared ATM networks are not only popular in Australia as a way to reduce costs while continuing to provide a popular service to customers. Bankdata in Denmark manages a national ATM fleet for 11 Danish banks, providing a service that not only reduces maintenance costs for financial institutions, but also maintains brand integrity via digital messaging on the machines once the customer has inserted their card. It’s another example of how a shared scheme can be the best option for financial institutions to provide this still essential service to their customers.

The trend of consolidation for ATM fleets is only just beginning. With upcoming investment necessary to maintain ATM fleets, it’s the right time for financial institutions to consider their options. Joining a shared ATM network like rediATM is the cost-effective way to reduce expenditure while maintaining essential services and points of presence for customers.

By Lauren McCormack, Senior Manager, EFT & rediATMs

NPP overlay services


This video gives a simple introduction to the overlay services which will accompany Australia’s New Payments Platform (NPP), explaining what they are, why they’re important and how they might benefit businesses and consumers.

While the NPP infrastructure will make real-time payments possible, what will really make the NPP come to life is the range of overlay services that will be built on top of it.

From day 1, the NPP’s first overlay service will allow:

  • People to make payments in close to real-time availability via mobile devices
  • Payments to be linked securely to documents (e.g. a remittance advice or tax statement)
  • People to request money from others (Payment requests)

In the future, the possibilities for overlay services are nearly limitless. They may be able to solve payments pain points like invoicing or buying or selling a second-hand car.