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Tag: PayTo

Partnership in action. Monoova and the NPP

Posted on by Marketing Team

When the New Payments Platform (NPP) rolled out on Tuesday, 13 February 2018 uptake was gradual as financial institutions rolled out NPP payment functionality to different customer segments and channels. However, as real-time payments have become more ubiquitous and innovative payment service providers have been enabled on the NPP, the growth trajectory of the platform has gone from strength-to-strength.

As one of a very small group of payment service providers to be enabled on the NPP, payment automation specialist Monoova recognised the potential of the platform early, partnering with Cuscal to access the platform and automate many of the manual processes that occur ‘before’, ‘after’ or ‘around’ payments which can be an obstacle to growth for scaling businesses.

From mid-2022 the next phase of growth for the platform commences with the launch of PayTo, enabling a broad range of use-cases which will provide a springboard for future payments innovation. Once again Monoova will be at the forefront of NPP-enabled innovation, with Monoova’s clients to be amongst the first in Australia to be able to initiate payments from a funding account with the payer customer’s authorisation.

This case study looks at how Monoova has innovated on top of Cuscal’s NPP and PayTo solutions to bring to life truly unique propositions that make managing business payments easy, providing clients with access to a true end-to-end payment automation solution that leverages all the capabilities of the NPP as well as Cuscal’s scale, expertise and trusted industry position to initiate, process and receive real-time payments.

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]