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Digital Settlement in Action: Cuscal’s Insights from Project Acacia

Posted on by Rachael Shupe

Digital settlement is often discussed in broad, abstract terms. As a future state enabled by new forms of money and new technology. What is less frequently explored is what becomes visible when those ideas are tested inside real, regulated financial markets, alongside existing infrastructure, risk frameworks, and operating realities.

That was the purpose of Project Acacia, a research and pilot initiative led by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre.

Cuscal participated in Project Acacia across multiple use cases, contributing not only insight informed by our role across payments and market infrastructure, but also practical capability through the use of our existing payments rails. Being directly involved in how funds moved, and where friction emerged, sharpened our understanding of where digital settlement delivers the most value in practice. What stood out was not digital settlement as a replacement for existing systems, but as an evolution that works with them.

This article reflects on those experiences through three use cases Cuscal was directly involved in, offering a grounded view of how digital settlement begins to take shape when tested inside real markets.

What is Project Acacia?

Project Acacia was designed to explore how digital forms of value, including tokenised assets, stablecoins and wholesale central bank digital currency (CBDC), could be used to support settlement in wholesale markets.

Rather than pursuing a single model, the project brought together 24 innovative use cases from a diverse range of organisations, spanning major banks, superannuation funds, asset managers, payment providers and fintech’s. By combining existing banking and payments infrastructure with stablecoin technology and live market participants, the pilots created a realistic setting to test how digital settlement works in practice.

What participation revealed in practice

Participating in Project Acacia provided Cuscal with the opportunity to observe digital settlement in action across a range of real-world scenarios. The three use cases that follow reflect different aspects of how digital settlement interacts with existing market structures, infrastructure, and participant needs.

Across each, Cuscal provided connectivity via our payments rails and acted as both stablecoin issuer and distributor of wholesale central bank digital currency, enabled by our status as an authorised deposit-taking institution with an RBA Exchange Settlement Account.

Use case one: Compressing settlement in wholesale markets with Imperium Markets

Imperium Markets led a use case focused on one of the most entrenched features of wholesale markets: settlement delays that are widely accepted as normal, despite the cost and risk they introduce.

What was tested, and why it mattered
In many wholesale transactions, agreements are reached instantly, but settlement still occurs one or two days later. That timing gap has practical consequences. The financial impact created by the timing gap between agreement and settlement is borne either by the investor, when issuance is delayed until the funds are received, or by the issuer, who absorbs the administrative costs associated with delayed or corrected provisioning as part of normal business operations. The same tension appears again at maturity when proceeds cannot be reinvested immediately because settlement lags the financial event.

This use case tested whether digital settlement could meaningfully reduce that gap. Transactions executed on Imperium’s ASIC-licensed marketplace were settled using a stablecoin backed by wholesale central bank digital currency, allowing the asset and the payment to move together. The same mechanism was also used for coupon and maturity payments, extending digital settlement across the full lifecycle of the asset.

What we learnt by being involved
What stood out for us was how quickly long-accepted frictions became visible once settlement moved closer to real time. Settlement times were reduced from days to under 30 minutes, without changing the underlying economic transaction.

More importantly, the use case showed that compressing settlement windows does not require reinventing markets. It requires rethinking how and when value moves. For wholesale markets, that shift has direct implications for liquidity, reinvestment, and how settlement risk is shared.

Use case two: Enabling two-way exchange between bank accounts and tokenised value with Australian Payments Plus

Australian Payments Plus (AP+) led a use case exploring how Australia’s existing payments infrastructure could support a seamless two-way exchange between money held in bank accounts and tokenised forms of value.

What was tested, and why it mattered
While tokenised assets and digital currencies are gaining attention, moving money between bank accounts and tokenised environments often involves additional steps or bespoke processes. In practice, that effort matters. If converting money into tokenised form feels cumbersome, it becomes a deterrent to holding or using tokenised value at all.

This desktop proof-of-concept explored how the New Payments Platform (NPP) could function as an on and off ramp, enabling conversion between bank account money and tokenised value using existing rails. The working concept, referred to as an NPP Coin Service, examined what technical adaptations, application programming interfaces and settlement enhancements would be required, alongside risks related to financial stability, privacy, security, and regulatory obligations.

What we learnt by being involved
For us, this use case reinforced that digital settlement only delivers value if it fits naturally into how participants already operate. Reducing the effort required to move between bank accounts and tokenised value is not a nice-to-have. It is a prerequisite for adoption.

Exploring the NPP as an on and off ramp highlighted the potential of existing payments infrastructure to support digital settlement, provided these connection points are deliberately designed rather than treated as an afterthought.

Use case three: Enabling interoperability between tokenised currencies with Australian Payments Plus

AP+ also led a use case focused on a growing challenge in digital settlement markets: how transactions work when multiple tokenised currencies coexist.

What was tested, and why it mattered
As more institutions issue or prefer different forms of tokenised value, fragmentation becomes inevitable. A participant may hold one tokenised currency, only to find it is not accepted by the party they want to transact with. Over time, this uncertainty becomes a barrier to adoption.

This use case explored whether a neutral, scheme-based token interchange could reduce that friction. The concept allowed a payment to be made in one tokenised currency and received in another, without requiring either party to hold multiple instruments. Wholesale central bank digital currency was used as a neutral interchange asset to support coordinated exchange between privately issued tokens.

What we learnt by being involved
For us, this use case reinforced that early-stage markets rarely standardise quickly. Expecting participants to converge on a single tokenised currency too early risks slowing adoption rather than accelerating it.
What became clear is that interoperability can matter more than uniformity. A neutral interchange layer has the potential to reduce fragmentation, lower barriers to participation and allow different tokenised currencies to coexist without limiting who can transact with whom.

What participation revealed

One of the most valuable aspects of participating in Project Acacia was the opportunity to step back from familiar systems and see them through a different lens. Testing digital settlement in a live, regulated environment prompted deeper questions about how existing processes evolved, why certain frictions are accepted as normal, and where alternative approaches might better serve today’s markets.

Taken together, the use cases show where digital settlement aligns most closely with how markets actually operate today. Not as a single solution, but as a targeted evolution that addresses specific points of friction where timing, risk and complexity already impose real cost.

From our participation in Project Acacia, it became clear that progress will be shaped less by technology alone, and more by how thoughtfully new capabilities are integrated into the financial system as it exists today.

About Cuscal

Cuscal has played a foundational role in shaping the nation’s payments ecosystem for over 60 years as Australia’s largest independent provider of end-to-end payments and regulated data solutions.

We combine the licensing, infrastructure, and regulatory oversight of an Authorised Deposit-taking Institution (ADI) with the innovation, agility and client focus of a fintech. From real-time payments, card issuing, and acquiring, to fraud monitoring, digital wallets, regulated data services and more. Our clients trust us to simplify complexity, reduce risk, and help them compete.

Moving Payments Forward. Together

Authored by: Bronwyn Yam, Chief Product Officer Cuscal

References
Treasury Today, ‘Cuscal IPO raises AU$337m on ASX’, Treasury Today website, article, Feb 2026, accessed 5 February 2026, <https://treasurytoday.com/asa-asia-winners-2025/cuscal-ipo-raises-au337m-on-asx/>

Digital Finance Cooperative Research Centre, ‘Project Acacia’, Digital Finance Cooperative Research Centre website, project overview, accessed 30 January 2026, <https://dfcrc.com.au/projects-cbdc-acacia/>

Digital Finance Cooperative Research Centre, ‘Project Acacia: Summary of use cases’, Digital Finance Cooperative Research Centre website, project summary report, August 2025, accessed 30 January 2026, <https://dfcrc.com.au/wp-content/uploads/2025/08/Project-Acacia-summary-of-use-cases.pdf>

Reserve Bank of Australia, ‘Project Acacia: Exploring the role of digital money in wholesale markets’, Reserve Bank of Australia website, media release, 18 June 2025, accessed 30 January 2026, <https://www.rba.gov.au/media-releases/2025/mr-25-18.html>

Reserve Bank of Australia, ‘Reserve Bank and Digital Finance CRC to explore central bank digital currency’, Reserve Bank of Australia website, media release, 15 November 2024, accessed 30 January 2026, <https://www.rba.gov.au/media-releases/2024/mr-24-25.html>

Important Information: Information in this article is current as at 16 February 2026 and is subject to change. This article represents personal opinions and views 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. This article is not to be distributed to any other party without Cuscal’s prior written consent. Cuscal Limited ABN 95 087 822 455.


A Standout IPO that Secured an Award Win

Posted on by Rachael Shupe
Photo of Mangit Balgir, Bank of America, Freya Smith and Craig Kennedy, Cuscal Limited

Cuscal was celebrated as the Best IPO Listing, at the Adam Smith Awards Asia 2025 black-tie dinner on 10 November 2025. Last week Treasury Today Asia published their take on our winning solution.

Navigating a Highly Regulated and Complex IPO Process

Cuscal faced a wide array of challenges inherent in taking a regulated financial services provider to market. These included:

  • Delivering enhanced financial reporting frameworks
  • Managing intricate governance processes
  • Aligning pre IPO shareholders for a secondary selldown
  • Securing approval from the Australian Prudential Regulation Authority (APRA)
  • Developing a comprehensive prospectus
  • Effectively communicating a nuanced and complex, business model to the market

Best Practice and Innovation: What Set Cuscal Apart

Treasury Today Asia highlighted three aspects of Cuscal’s IPO execution that contributed to its Best IPO Listing award win:

  1. Disciplined, Collaborative Preparation – Cuscal maintained a structured yet agile preparation process, underpinned by real-time scenario planning and capital allocation modelling. time scenario planning and capital allocation modelling.
  2. Innovative Three Tier Offer Structure – The IPO featured institutional, broker firm, and employee/director priority allocations, ensuring broad participation and guaranteed access for internal stakeholders.
  3. Strong Risk and Governance Framework – A disciplined approach to risk management and investor communication facilitated a smooth process in a complex and highly scrutinised environment.

Read the Case Study originally published on Treasury Today’s website for more information.

References
Treasury Today, ‘Cuscal IPO raises AU$337m on ASX’, Treasury Today website, article, Feb 2026, accessed 5 February 2026, <https://treasurytoday.com/asa-asia-winners-2025/cuscal-ipo-raises-au337m-on-asx/>

Important Information: Information in this article is current as at 11 February 2026 and is subject to change. The article and case study 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.


Choosing a Trusted Data Holder Partner: Security-First Tips for Non-bank Lenders

Posted on by Pradeep Wickramanayaka

As the Consumer Data Right (CDR) extends to the non-bank lenders sector, organisations may face a wave of new obligations on top of their core lending operations.

This article cuts through complexity, explaining why many Data Holders partner with specialists, the risks that partnership brings, and the privacy and security criteria you should prioritise when choosing your provider.

Key Deadlines:

13 July 2026: Product data (formally called Product Reference Data) sharing obligations begin to apply to:

initial providers:

  • non-bank lenders with a combined total value of >A$10 billion resident loans and finance leases (reported to APRA on 4 March 2025).
  • all Buy Now Pay Later (BNPL) providers, regardless of the size of their loans/leases.

large providers:

  • non-bank lenders who have >1,000 customers and a combined total value of resident loans and finance leases >A$10 billion.
  • non-bank lenders who have CDR accreditation.

9 November 2026: Consumer data sharing obligations start for initial providers.

10 May 2027: Consumer data sharing obligations start for large providers.

Partnering for CDR Compliance

With key CDR deadlines fast approaching, non-bank lenders face mounting pressure to meet exacting standards. The CDR ecosystem is complex and constantly evolving, governed by separate Acts, Rules, Privacy Guidelines and Data Standards regulated by the ACCC, OAIC and the Data Standards Body.

Balancing this regulatory load alongside day-to-day operations often leads data holders to work with specialist third-party providers for implementing technical data holder solutions and ongoing support. However, relying on third parties introduces risks that businesses must be aware of when choosing a provider.

Why choosing a trusted Data Holder partner matters

Recent developments in the CDR landscape have highlighted a critical truth: the technology partner you choose can make or break your compliance journey.

Failing to meet CDR obligations exposes non-bank lenders to reputational and financial repercussions. The ACCC and OAIC have intensified enforcement by actively monitoring participant compliance and investigating complaints. If data holders have breached the CDR Rules and Privacy Safeguards, they could face an infringement notice and/or hefty penalties.

Are you accountable if something goes wrong?

Under the Competition and Consumer Act 2010, outsourcing your CDR activities doesn’t transfer your regulatory obligations. When a service provider acts as your CDR agent, their actions are treated as your own. This is why having the right partner matters.

Rather than increasing risk, working with a trusted provider gives you greater confidence that obligations are met consistently, and issues are identified early. But it’s still important for any CDR participant to understand where accountability sits.

Industry examples highlight this clearly. In a recent Open Banking Incident reported by the Office of the Australian Information Commissioner, consumers received comingled data from unrelated accounts, an error that created privacy concerns and the potential for incorrect credit decisions. Even though the issue originated with the vendor, the Data Holder remained accountable under the rules.

How does Cuscal’s Data Holder Solution stack up?


As CDR Specialists, This Is What We Do Every Day. Our Data Holder Solution for Non-banking Lenders is purpose-built to meet the rigorous demands of the CDR regime. We don’t just support compliance; we embed it into every layer of our platform. Here’s how we deliver peace of mind through three core assurances:

1. No Data Storage – Zero Retention of consumer CDR data

We never store consumer CDR data. By design, our solution minimises security and privacy risks with strict policies on data storage and segmentation, ensuring that: 

  • There is no persistent storage of CDR payloads.
  • The risk of data comingling across environments, clients, or systems is eliminated.
  • You maintain full control over your data lifecycle, with no shadow copies or residual data left behind.

2. Bank Grade Controls – Security You Can Trust

As an Authorised Deposit-Taking Institution (ADI), we operate under CPS 230 and CPS 234-aligned operational risk and information security controls, which exceed standard CDR requirements. Our platform includes:

  • End-to-end encryption, and secure API gateways
  • Segregated environments to prevent cross-client data exposure
  • Access controls and audit trails that meet APRA and OAIC expectations
  • Continuous vulnerability management and penetration testing

3. Built-In Transparency – Compliance Without Guesswork

Transparency is not an add-on—it’s built into our service model. We provide:

  • Relevant 9.4 Biannual reporting metrics captured by Cuscal provided to Clients. 
  • Client attestation reports to support your internal governance and external reporting
  • Monthly Raw data reports for Consent volumes.
  • We’re not just supporting your compliance, but your assurance as well.

Selecting Your Data Holder Partner: Key Criteria and Questions

With accountability ultimately resting with the Data Holder, the partner you choose plays a critical role in helping you meet your CDR obligations with confidence. A well-designed solution shouldn’t add complexity. It should simplify compliance, strengthen governance, and give you visibility over how your customer data is handled.

When assessing potential providers, look for partners who demonstrate clear alignment with regulatory expectations, transparent operating models, and controls that support secure, accurate, and reliable data sharing at scale.

Below are key questions and considerations to guide your evaluation:

Data Handling Model

  • How do you ensure CDR data is kept strictly separate from other datasets?
  • Do you use dedicated environments for CDR data processing and storage?
  • What safeguards are in place to prevent unauthorised access or any mixing of CDR and non-CDR data?
  • Do you store any CDR related Data on behalf of Data Holders?

Compliance Monitoring

  • How do you stay up to date with changes to CDR rules and requirements?
  • What processes do you have for regularly reviewing and updating your compliance controls?
  • How do you support ongoing staff security awareness and compliance training?

Transparency & Reporting

  • Do you provide clear, timely reporting that gives Data Holders visibility into your controls and performance?
  • Can you support biannual reporting to the regulators?
  • Do you have experience preparing attestation and assurance reports?
  • How do you notify clients about material service changes involving CDR data?
  • Can you provide metrics on consumer data requests and deletions?

Want to learn more about Cuscal’s Data Holder Solutions?

If you haven’t started planning or are still evaluating Data Holder Solutions, we can help.

Find out more about our CDR Solutions, or get in touch to discuss how we can support your CDR compliance journey.

Important Information: Information in this article is current as at 17 December 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.

Forward with Ray: Finding Purpose in Data and Payments

Posted on by Rachael Shupe

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.

Forward with Lalita: The Power of Proactivity and Self-Investment

Posted on by Rachael Shupe

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.

Forward with Jackie: Driving DEI and People-First Leadership

Posted on by Rachael Shupe

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.

Forward with Pooja: The Product Pioneer Helping Shape Industry Milestones

Posted on by Rachael Shupe

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?

Overall, I’ve been with Cuscal for 16 years, including five years at SPS (Strategic Payment Services), which Cuscal acquired in 2014. We joke at Cuscal that you either stay for two years or 20, and I’m definitely on the path to 20!

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.

Curious Thinkers 25: Four Takeaways Shaping the Future of Finance

Posted on by Rachael Shupe

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.

Wear It Purple Day 2025

Posted on by Rachael Shupe

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.

Behind the Transaction: The Engine Powering Australia’s Payment Future

Posted on by Rachael Shupe

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

Since 1966, we’ve been the invisible force redefining payments in Australia. We’ve helped Australian businesses unlock the opportunity of each new wave of innovation, from launching Australia’s first ATM enabling secure, compliant data exchange.

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.