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Cuscal Completes Acquisition of Indue Limited – A New Era for Payments Innovation

Posted on by Cuscal Limited

Sydney, 1 December 2025

Cuscal Limited (ASX: CCL) today proudly announced the successful completion of its acquisition of Indue Limited (Indue), (the Acquisition), marking a transformative milestone in Australia’s payments industry. This strategic transaction unites two culturally aligned businesses with a strong heritage in the mutual banking sector and a shared commitment to innovation, resilience, and operational excellence.

Why This Matters
The Acquisition strengthens Cuscal’s position as a leading payments and regulated data services provider, enabling further diversification and a stronger growth trajectory. Together, Cuscal and Indue will deliver enhanced capabilities across digital banking, fraud monitoring, switching, and regulated data services, empowering financial institutions, fintechs, and corporates to thrive in a rapidly evolving market.

Craig Kennedy, Managing Director of Cuscal, said:

“The Acquisition is a highly compelling and strategic transaction that marks a significant milestone in Cuscal’s growth journey. It will deliver substantial returns for our shareholders and enhanced outcomes for our clients via greater resilience, operational efficiencies, and innovation at scale. We are delighted to welcome the Indue team and look forward to building on our combined strengths.”

Benefits for Clients and Partners

  • Enhanced product and service offerings: operational efficiencies and innovation at scale. 
  • Improved resilience: across capital and capabilities that better positions the combined business to respond to heightened regulatory standards, complexity, and cost.
  • Increased investment capacity: that will enable greater innovation and investment in best-of-breed resources and capabilities to continue to deliver services both now and into the future. 

Cuscal has significant expertise in integrations and large-scale client migrations, and we’re committed to making the transition smooth for all our clients and partners, with uninterrupted service.

We’re excited about the future we’re building together, strengthening payments and regulated data services while ensuring Australians can bank with the institutions they know and trust.

Better Together
The Acquisition is an important step in Cuscal’s growth journey. By combining strengths, we will help more Australians access fast, secure, and innovative payment and regulated data services, ensuring they can bank and transact with the institutions they know and trust.

About Cuscal
Cuscal is a leading payments and regulated data services provider, connecting banks, fintechs, and corporates to Australia’s payments infrastructure since 1966. Our mission is to partner with forward-thinking businesses to deliver innovative and secure payment solutions that drive growth in the economy.

Media Contact: mediaenquiries@cuscal.com.au.

Cuscal to Acquire Indue (subject to regulatory approvals)

Posted on by Cuscal Limited

Sydney, 22 August 2025

Cuscal Managing Director, Craig Kennedy has advised the market today that Cuscal Limited (Cuscal) has entered a conditional, binding agreement to acquire all of the shares in Indue Limited (Indue), an Australian payment services provider, subject to regulatory approvals (the Acquisition).

Commenting on the Acquisition, Cuscal Managing Director, Craig Kennedy said: “We are excited to announce the strategic acquisition of Indue. The Acquisition represents an important evolutionary step for both businesses, bringing together two organisations with a shared heritage, similar values and a complementary client base. The Acquisition is anticipated to drive material synergy opportunities and will result in a more resilient and more sustainable payments business.”

“We look forward to welcoming the Indue team and clients to Cuscal and believe that our experience in seamlessly integrating acquisitions and large-scale client migrations, along with the steps we have taken to ensure our success, including establishing an Integration Advisory Committee, will help us effectively combine the two businesses. It will also help us better support clients and staff and ultimately realise value for shareholders.”

When Cuscal joined the ASX last year, we made a commitment to pursue organic and inorganic growth, and the Acquisition marks a significant milestone in our strategic journey. Together with the outstanding banks and organisations we work with and support, we’re proud to have the opportunity to enable even more Australians to access the best in fast, secure, digital payment and data service experiences. The acquisition drives these benefits in the following ways:

  • Client benefits from enhanced product and service offerings, operational efficiencies and innovation at scale.
  • Improved resilience across capital, capabilities, cybersecurity and fraud monitoring that better positions the combined business to respond to heightened regulatory standards, complexity and cost.
  • Increased investment capacity from financial and product synergies that will enable greater innovation and investment in best-of-breed resources and capabilities to continue to deliver services both now and into the future.

Further updates will be shared once the Acquisition is completed (pending regulatory approvals).

How Confirmation of Payee is Putting the Brakes on Scams

Posted on by Steph Hussey
Girl on bus smiling on her phone looking out window

Scams are costing Australians billions each year and the pressure is mounting on banks and mutuals to continuously step up their defences. That’s the goal of the 2024 Scam-Safe Accord, a new industry framework led by the Australian Banking Association (ABA) to reduce scam losses and improve customer protection.

A key ABA recommendation is the introduction of Confirmation of Payee (CoP) – an industry-wide service initiative of Australian Payments Plus that matches the bank account details entered by a payer with the account details held by the recipient’s bank and displays a match outcome to the payer.

Data from the 2024 Mapping Social Cohesion Report shows nearly half of Australians believe most people can be trusted which suggests they may not instinctively have fraud or scams front of mind . CoP creates a pause in the payments process, alerting customers before money moves and helping to safeguard people and businesses from fraud, scams and mistaken payments.
Indue is enabling clients to adopt CoP and strengthen payment security across the board. So how effective is it? And what role does it play in the evolving payments landscape?

We spoke with Indue’s Head of Innovation & Strategic Initiatives, Jenny Osborne to find out.

Why is CoP such a significant step forward for payment security in Australia?
Scammers often rely on urgency and quick decisions to trick people, so CoP creates a pause in the digital payments process to encourage people to stop and think, before they are caught off guard.

It puts customers in the driver’s seat, helping them make more informed choices before the transaction is complete and it may be too late. It also offers confirmation to ease doubts when something doesn’t add up.

Tools like CoP provide an important extra layer of defence for Australians to reduce both scams and mistaken payments.

What does CoP mean for Indue customers?
Under the 2024 Scam-Safe Accord, CoP is set to become an industry-wide standard. For our customers, adopting this technology is about more than compliance; it’s about keeping pace with the latest trends and maintaining parity with the bigger banks.
Scammers are quick to identify gaps in the system and banks that don’t adopt this safeguard may be seen as easy targets.
That’s a real challenge for our clients and we’re working closely with them to make sure they’re protected and prepared.

What does experience with CoP-style technology overseas tell us? And what should Australians be looking out for?
Versions of CoP exist globally across the EU, UK, New Zealand and other countries globally.

One of the most significant changes overseas has been liability. Last year, newly introduced rules from UK Payment Systems Regulator mean both the payer bank and the payee bank now share responsibility if someone is scammed . It’s a strong signal that regulators expect more from financial institutions – and it’s a trend Australia needs to be ready for.

Where does CoP fit in the broader push for safer digital payments? And what’s next?
Scams and fraud have been steadily rising in recent years and CoP is just one of many tools needed to respond.
Scammers often have more time and fewer rules than the organisations trying to stop them, which makes coordinated action across businesses and industries even more important. No one tool will be the saving grace but what’s needed is a combination of tools, regulation and education.

We’re already seeing more obligations passed down through the Treasury, Australian Banking Association and Customer Owned Banking Association, and that pressure is only going to increase.

Payment security is no longer optional but a shared responsibility across our entire digital ecosystem.

Important Information: This article has been prepared by Indue Limited (ABN 97 087 822 464) (Company) and was originally published on 08 July 2025 on www.indue.com.au. Information is current as at the publication date, and the Company has no obligation to update or correct this article. The information contained in this article is of a general nature and is not intended to address the objectives or needs of any particular individual entity and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this article or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise). © 2025 Indue Limited

Great Southern Bank implement digital banking platform for small businesses

Posted on by Steph Hussey
Small business owner in a bar. A GSB customer

Great Southern Bank, which received Canstar’s award for Customer Owned Bank of the Year in 2022 has launched a digitally-led banking platform for small businesses, supported by Indue’s New Payments Platform (NPP/PayTo) capability.

Using proprietary technology developed by Indue’s partner Constantinople, the new platform will seamlessly integrate with small to medium-sized enterprise (SME) business management tools and payments providers.

Great Southern Bank CEO and Managing Director Paul Lewis said the company has seen smart technology drive significant advances in personal banking and believes the timing is right to now facilitate the same for small businesses, particularly those with one to four employees.

“Nano and micro businesses – the historically under-served backbone of our economy – are precisely the group that Great Southern Bank were founded to help,” Mr Lewis said.

“Our new platform will give these customers access to a suite of simple, intuitive, and integrated banking tools with no monthly account fees.

“The range of dedicated business products available will include transaction and savings accounts, credit cards, overdraft facilities, home loans for self-employed borrowers, and loans for business growth and to purchase vehicles.”

Indue CEO Derek Weatherley said the organisation is pleased to support Great Southern Bank’s digital transformation through customer-driven and digital-first solutions.

“This is a strongly aligned partnership focussed on working cleverly for the customer, understanding their needs, realising their pain points, and acknowledging their value,” Mr Weatherley said.

“It is wonderful to confirm our NPP capability will enable customers of the platform to take advantage of flexible and fast payments with other financial institutions in near real-time.

“Indue is committed to powering the purpose of our customers, and Great Southern Bank’s new platform is about passing that power on to SME’s.”

Important Information: This article has been prepared by Indue Limited (ABN 97 087 822 464) (Company) and was originally published on 09 May 2024 on www.indue.com.au. Information is current as at the publication date, and the Company has no obligation to update or correct this article. The information contained in this article is of a general nature and is not intended to address the objectives or needs of any particular individual entity and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this article or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise). © 2024 Indue Limited

Protecting your Digital Identity

Posted on by Steph Hussey

Financial institutions spare no effort in combating fraud and protecting their customers from scammers, and there are thousands of people working around the clock to protect you and your money.

However, in recent years scammers have realised they are competing with advanced multimillion-dollar fraud detection controls and systems, and therefore the path of least resistance is to trick customers into helping them bypass the fraud controls that are put in place for customer protection.

The truths we must acknowledge:

1. Scammers already have some of your data

There’s an alarming amount of compromised data out there, and scammers are becoming increasingly skilled at exploiting it. The numerous Australian data breaches publicised widely are just the tip of the iceberg.

You can check how many data breaches have involved your details at this website: https://haveibeenpwned.com/ 

2. If you think you are too smart to be scammed, you are a great target!

Scammers, armed with your stolen data, can piece together a comprehensive profile of their targets. That seemingly innocent chat on WhatsApp or a transaction on Facebook Marketplace can be a data-mining expedition. This, in turn, can be exploited to build trust and manipulate people into compliance.

The following are some steps you can take to shield yourself from scams:

  • Stay informed: Learn from the experiences of scam victims, by putting yourself in the victim’s situation and considering how the controls you have in place could have protected you in their situation.
  • Limit personal information sharing: Be cautious about the amount of personal information you share on social media ,and tighten your security settings. The less scammers know about you, the harder it is for them to craft convincing scams.
  • Enable Two-Factor Authentication (2FA): Whenever possible, enable 2FA for your online accounts. This adds an extra layer of security, making it significantly more difficult for scammers to gain access to your accounts.
  • Have strong, unique passwords: Don’t underestimate the importance of strong, unique passwords for each of your online accounts. Consider using a reputable password manager to help you generate and store them securely.

Your data is your digital identity, and safeguarding it is vital. Scammers can use your data to gain trust, manipulate, and exploit vulnerabilities.

By taking steps to protect your data and sharing this knowledge with others, we can collectively defend against data-driven scams and build a safer digital world.

Important Information: This article has been prepared by Indue Limited (ABN 97 087 822 464) (Company) and was originally published on 29 November 2023 on www.indue.com.au. Information is current as at the publication date, and the Company has no obligation to update or correct this article. The information contained in this article is of a general nature and is not intended to address the objectives or needs of any particular individual entity and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this article or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise). © 2023 Indue Limited