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Category: White Papers

Beyond real-time: the value of pre-authorised payments from bank accounts

Posted on by Marketing Team

The face of payments in Australia has changed dramatically over the last twenty to thirty years, with the pace of change set to accelerate as technological advancements revolutionise the way we make, receive and request payments.

As the most frequently requested capability for the New Payments Platform (NPP), enabling the capabilities required to support third-party payment initiation from bank accounts has been a key priority for the payments and banking industry. Known as PayTo, this service will leverage the infrastructure of the NPP to drive the next phase of growth for the Platform.

PayTo will lead the use of embedded, pre-authorised payments from bank accounts in Australia, supporting a diverse range of payment use cases. It will provide consumers and businesses greater confidence, certainty and control over account-to-account payments as they are moved seamlessly into the background.

While PayTo will be available from mid-2022, when shifts in payment technology occur you want to be at the front of the queue to gain a first mover advantage over competitors. To help payment service providers and enterprises plan for the introduction of PayTo this white paper looks at:

  • The origins of real-time payments in Australia and the future directions for the NPP;
  • The rapid uptake of payment initiation in the UK under Open Banking;
  • The value PayTo will deliver to consumers and businesses and what the user journey looks like from the end-user perspective;
  • The role different participants play in the PayTo ecosystem; and
  • What Cuscal is doing to enable the PayTo services that are required by payer banks and payment initiators.

Format: White paper
Audience: Payment service providers and enterprises that process a large volume of payments
Estimated reading time: 20 minutes

Unlocking opportunities in the era of open data and payments

Posted on by Marketing Team

Under the government’s Digital Economy Strategy Australia is set to become “a leading digital economy and society by 2030”, with the Consumer Data Right (CDR) one of several initiatives designed to establish the right foundations to grow the digital economy.

Integrated data and technologies will make life easier for consumers and businesses, but enterprises face the challenges integrating legacy systems and infrastructure with real-time digital ecosystems. Cuscal can help enterprises bridge this gap, deploying new capabilities that support the collection, sharing, management and storage of consumer consent and CDR data. While our position at the centre of payments – as the leading provider of New Payment Platform (NPP) payment services to banks and payment service providers – means we are ideally positioned to help enterprises unlock new growth opportunities from the convergence of data and payment initiation services.

This white paper provides senior leaders and product owners with insights into some of the regulatory, technology, security and capabilities required to comply with the CDR today and how to unlock opportunities from the convergence of data and payments.

In this white paper you’ll learn more about:

  • What the CDR is, how it has evolved and what future legislative change may mean for Data Holders in designated industries, as well as for accredited Data Recipients;
  • How NPP capabilities are being enhanced and extended through the development of the PayTo service, supporting ‘write’ access for third party payment initiation from bank accounts in real-time, as envisaged under CDR;
  • What enterprises should consider to enable data-centric strategies that integrate with the CDR and real-time payments, and how Cuscal capabilities and payment expertise can facilitate participation across ecosystems;
  • Use cases demonstrating some of the ways in which the CDR and payment initiation can be applied to make life easier for consumers and businesses;
  • How Cuscal is assisting clients participate in the CDR with access to a suite of secure and robust capabilities for the collection, sharing, management and storage of data subject to CDR legislation; and
  • How Cuscal is enabling payment initiation services that are align with CDR and NPP PayTo frameworks for banks, payment service providers, fintechs and enterprises.

If you’d like to know more about how Cuscal can support your business participate in the CDR ecosystem and with real-time PayTo payment initiation, call 1300 650 501 or submit an enquiry.

Download the White Paper [PDF, 10 MB]

Get set for Open Banking

Posted on by Rachael Shupe

Image showing the KPMG, King & Wood Mallesons and Cuscal logos with the headline Open Banking

Open Banking is the first step towards an ‘open data’ future where organisations and people are all part of a robust ‘data economy’.

Open Banking is set to launch in Australia, which will see customers have greatly improved access to, and control over, their own data, all backed by the new Consumer Data Right (CDR). Open Banking is the first step in what will inevitably be an ‘open data’ future – in which institutions and customers are all part of a robust ‘data economy’.

In this Open Banking white paper Cuscal, KPMG and King & Wood Mallesons explore:

  • What lessons can be learned from international experiences
  • Why the customer should be at the core of any Open Banking-related strategy
  • The strategic opportunities Open Banking and open data present
  • The steps needed to be compliant
  • The partnership potential

Open banking specialists from Cuscal, KPMG and King & Wood Mallesons held a public webcast on Monday, 25 March 2019 to discuss the white paper and related open banking issues. The webcast features:

  • Bianca Bates, Chief Client Officer from Cuscal
  • Nathan Curchward, Head of Product, Emerging Services from Cuscal
  • Scott Farrell, Partner from King & Wood Mallesons
  • Ian Pollari, National Sector Leader, Banking and Global Co-leader from KPMG Fintech practice

A recording of the webcast is available here. It is recommended for financial institutions, fintechs and other organisations that want to take advantage of the opportunities Open Banking offers, while meeting the compliance obligations.

Global Payments Innovation Playbook

Posted on by cuscal

The Global Payments Innovation Playbook is a collaboration between PYMNTS and Cuscal to examine the key pillars driving financial innovation in Australia, China, the European Union, India, the United Kingdom and the U.S. We have curated some of these regions’ most promising and impactful innovations in this report, all to disseminate the important lessons local success stories have to teach.

The playbook offers a glimpse into global innovators’ efforts to take eCommerce and mobile payments to new heights. This includes what they can show us about modern consumers’ shopping habits, and how businesses might incorporate other regions’ successes when looking to expand abroad.

Contents of playbook:

  • Executive summary
  • Rebirth: why European nations are adopting faster payments
  • North America finds its payments voice
  • China’s mobile banking system: All roads lead to Alibaba and Tencent
  • Thank India: a greenfield ripe for innovation
  • Australia’s new real-time payments environment

Preventing fraud in a real-time world

Posted on by Uberbrand

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

Using the New Payments Platform

Posted on by Rachael Shupe

A lady smiling looking at mobile phone

Starting in 2017, the New Payments Platform (NPP) will transform the way Australians make payments. For the first time, it will be possible to transfer funds quickly and easily, 24 hours a day, 7 days a week – even between accounts at different banks. This initiative promises to bring value to financial institutions, consumers and businesses alike, and is expected to be rapidly adopted.

Among the NPP’s key features available at launch will be a centralised real-time addressing service allowing payments to be delivered to a user-friendly alias such as a mobile number or email address rather than the BSB and account numbers used today. Another important feature will be the Initial Convenience Service (ICS), the NPP’s first overlay service that will make it possible for consumers to send and receive payments in real-time.

While there’s already a lot of information available about the NPP (including Cuscal’s recent white paper “New Payments Platform: How the NPP can help you win the war for customer relationships”), it’s important to understand how its core functionality – what’s often referred to as the Basic Infrastructure – differs from the ICS and the other overlay services that will help bring the NPP to life. These overlay services will not only add tremendous value to the NPP for end-users, but also create considerable opportunities for financial institutions and fintech companies.

In the pages that follow, we’ll take a closer look at the different types of overlay services and the role they will play in driving NPP usage. This includes a variety of scenarios where financial institutions and businesses will try to create more seamless customer experiences. We’ll also explain some real-life applications of the ICS, along with its benefits and how it differs from the NPP’s Basic Infrastructure. Finally, we’ll outline several ideas for overlay services which you might see launched in the months.

Download the White Paper [PDF, 7.7MB]

NPP: winning the war for customer relationships

Posted on by Uberbrand

Three young adults looking at a phone

Rapid innovation has made it an exciting time in the Australian banking industry. At the centre of that excitement is the forthcoming New Payments Platform (NPP), an important initiative that promises to not only position Australia as a global leader in real-time payments, but also help the banking industry address some of its greatest challenges. In the process, it will bring numerous benefits to financial institutions and other organisations, as well as to the customers they serve.

Moving money around in Australia has historically been a slow process fraught with pain points. Yet with the arrival of the NPP in 2017, many of the inefficiencies that encumber the current system will be removed. In their wake, Australians will be able to transfer funds quickly and easily, 24 hours a day, 7 days a week, for the very first time — even to accounts at other banks.

For consumers, the NPP is important not only because it will make sending and receiving payments simple and easy, but also because they’ll be able to enjoy the convenience of doing so from their mobile phones, tablets, or computers in just a matter of seconds. For the banking industry, the NPP represents an opportunity to create the back-office efficiencies necessary to deliver these and other services. Even more importantly, it will be essential ammunition in the war for retaining and acquiring new customers.

In the pages that follow, we outline four trends that are currently creating challenges in the banking industry and are therefore central to many companies’ strategies. We also describe what the NPP is and how it will help address those challenges, demonstrating the return on investment (ROI) it will generate along the way.

In addition, we explain why the NPP will become critically important to customer relationships and why, to reap all of its benefits, financial institutions need to start getting ready for it right away. The paper concludes with some practical advice about what financial institutions need to do now to start preparing for the NPP.