Open Banking is coming to Australia. When it arrives it will fundamentally change the way financial institutions manage and control their customer data. This will be the first step toward an ‘open data’ future which will also have ramifications for companies in other industry sectors and the broader Australian economy.
While there is certainty that Open Banking is coming, everything else is less clear. The obligations and corresponding opportunities are complex, evolving rapidly and the business cost of making the wrong decision is high.
To help companies with their Open Banking strategy, Cuscal, KPMG and King & Wood Mallesons jointly published a white paper and held a public webcast to discuss the key issues facing companies implementing Open Banking and looking to participate in an open data economy.
What the webcast covers?
What organisations should consider as part of their Open Banking strategy
What we can learn from open data regimes overseas
Examples of Open Banking innovation which have relevance in Australia
How to approach the compliance obligations while taking advantage of the opportunities
P&N Bank, the largest locally owned and operated bank in Western Australia, and Cuscal worked in partnership on an Australian-first innovation with the instant Digital Card Issuance API, delivering a seamless digital customer experience for new and existing customers.
Watch the video for more on how P&N Bank, Data Action and Cuscal collaborated to deliver this customer-focus solution.
Cuscal and its predecessors have been operating in Australia since the 1960s. Credit Union Services Corporation (Australia) Limited was established in 1997 before being shortened to Cuscal Limited in 2006.
Watch this animation to find out about Cuscal’s payment success journey starting from back in the 1970s up to 2018. Cuscal is now considered to be the largest independent provider of payment solutions in Australia, with the widest range of products and services.
With the growth of debit and credit card transactions and the introduction of real-time payments, Australian financial institutions and their customers are becoming increasingly attractive targets for fraudsters.
Having a fraud strategy and solution in place that can help your organization to stay ahead of emerging fraud trends and protect your customers, brand and balance sheet is critical.
Our intelligent fraud monitoring and detection service, Vigil, combines our extensive fraud monitoring experience with advanced artificial intelligence and machine learning technology to help predict and prevent fraud losses before they occur.
With 24/7 monitoring by experienced fraud operations and a flexible and agile platform, Vigil can decline potentially fraudulent transactions in real-time with greater power and accuracy for support payments.
Our online case management tool provides your organization with direct access to view transactions and alerts, giving you more visibility to emerging fraud trends than ever before.
With the launch of the New Payments Platform, there is a perception that the speed of real-time payments will increase the risk of fraud and leave customers vulnerable to attacks. In reality, real-time payments aren’t inherently riskier than other payment methods, but organisations should be vigilant to the evolving threat of fraud and increase their focus on planning and prevention.
Partnering with Cuscal can help your organisation to manage the risk of real-time payments fraud.
Our Vigil for NPP service combines our extensive fraud monitoring experience with the latest artificial intelligence and machine learning technology from our partner Feedzai, to deliver instant decisions about the authenticity of real-time payment requests without sacrificing the real-time authorisation response times that are essential for the New Payments Platform.
The Vigil for NPP service supplements the blacklist functionality of Cuscal’s core NPP solution, providing your business with an enhanced fraud protection service that integrates seamlessly with Cuscal’s NPP Solution.
At the core of the Vigil service is our fraud management platform. This platform is powered by Feedzai – a provider of leading-edge fraud detection used by major banks, payment businesses and retailers globally.
The platform leverages advanced artificial intelligence and machine learning technology, combined with big data, to accelerate the detection of emerging fraud trends which can help to protect businesses from fraud loses.
Agile models ensure the platform proactively keeps pace with fraud as it evolves, scoring transactions at scale without compromising on the response time required to spot and stop high-risk transactions.
Cuscal will have access to the latest data science modules to continually evaluate the effectiveness of the platform’s fraud models – building, testing and deploying new models to strengthen fraud rules and reduce the number of false positive alerts.
Harnessing the power of big data, our platform can turn big data inputs into the insights required to reduce risk and combat fraud.
Instantly ingesting available event signals from multiple sources – including transactional data, online sessions, customer data, device data and third-party data – the platform generates a 360 degree view of the customer’s normal patterns of behaviour which helps to identify fraudulent transactions.
Transactional and event data, paired with sophisticated machine learning algorithms, allow us to create a profile of individual customer behaviour to reach new levels of sensitivity and detect fraud with greater power and accuracy.
Profiling behaviour on an individual level helps the platform to maintain very low false positive ratios, allowing your customers to transact in a frictionless manner.
Our platform has the ability to process large amounts of data, enabling fraud analysts and operations teams to respond quickly and feed information into the platform to retrain modelling to respond to changes in fraud trends or new events.
By adapting to this human intelligence through automated feedback loops our platform can apply this knowledge to future transactions without the need for manual coding, so we can remain adaptive rather than reactive to stay ahead of coordinated attacks and emerging fraud trends.
Our fraud team monitors transactions around the clock to protect against fraud at its most common time – after business hours.
The Vigil fraud team assess all transactions that are blocked, or alerted for investigation by our fraud management platform, to determine whether the block should be removed or if additional action should be taken.
We contact customers on your behalf with the upmost professionalism and sensitivity to confirm the legitimacy of questionable transactions and take action, if required.
The assessment outcomes from our team are automatically fed back into the platform so that it learns from, and adapts to, new fraud patterns and suspicious events without the need for manual coding, so we can remain adaptive rather than reactive to stay ahead of coordinated attacks and emerging fraud trends.
With direct access to reporting, transaction decisions and streamlined workflows between Cuscal and your organisation, Vigil empowers you with a complete end-to-end view of fraud.
Vigil Case Manager provides your business with an easy to access interface, allowing you to monitor and review items related to your customers.
With real-time access to statistics, analysis and fraud reports, Vigil Case Manager arms your business with the information you required to track your fraud results.
Teachers Mutual Bank Limited is dedicated to giving its members a great customer experience. So when it decided to revamp the mobile banking apps for its three brands it wanted to make sure that the new apps allowed its members to perform all their main banking needs in a simple and intuitive way.
We partnered with the team at Teachers Mutual Bank Limited to adapt our white-label mobile banking solution for its members’ particular needs. We then worked closely with the team at Teachers all the way through the development and implementation process to ensure a smooth launch and a great experience for members of Teachers Mutual Bank, UniBank and Firefighters Mutual Bank.
Watch the video for more on how Teachers Mutual Bank Limited and Cuscal are putting key banking functions in the hands of members to deliver a positive member experience.
Held on 24 & 25 September 2018 in Sydney, the inaugural Cuscal client conference “Curious Thinkers” was a journey through innovation, thought leadership, product solutions and more to inspire ideas and thinking for the future of payments.
This video gives a visual summary of the conference, which featured an exceptional line up of international and local thought leaders and experts including: – Dr Leda Glyptis (Chief of Staff, 11:FS) – Nuno Sebastiao (CEO, Feedzai) – Steven Bankston (Senior Director Product Development, Visa) – Stephen Scheeler (The Digital CEO) – Charlotte Rush (Innovation consultant, Inventium) – Rocky Scopelliti (Futurologist and Author) – Scott Farrell (Partner, KWM) and many more.
We would like to thank all our sponsors for their support; eftpos, feedzai, ACI Worldwide, BPAY Group, CA Technologies, Data Action, Kony, Macarthur Print & Ultradata.
