Sydney, 30 June 2022
Following the announcement that NPP Australia has opened access to PayTo for the first payments service providers, Cuscal announced today it is enabling 45 financial institutions and payment services providers with access to PayTo as rollout commences over the coming months.
Cuscal was one of the founding financial institutions that established the New Payments Platform (NPP), Australia’s real-time payment system, and enabled over 60% of the financial institutions that were live on Day 1.
Since that time, Cuscal has strengthened its position as the market leader in NPP services, building a strong foundation of clients, industry relationships, expertise and scale over the last five years.
Cuscal currently:
Cuscal is working closely with a large group of banks, payments service providers and software providers to support the ramp up of PayTo over the next few months. Cuscal’s PayTo development and implementation project has included many financial institutions and PSPs who wish to drive payment innovation and improved customer experiences using PayTo.
Bianca Bates, Chief Client Officer and Deputy CEO, Cuscal Limited, said:
Cuscal is able to support a wide range of capabilities. We are about enabling competition. We provide services that let our clients innovate and develop their businesses. It has been a rewarding process to work with our financial institution and payment service provider clients to enable them to be the early adopters for PayTo.
The first group of financial institutions and payment service providers integrating with PayTo through Cuscal will go-live between July and September, followed by fast followers between October and December. The gradual ramp up of PayTo is expected to be completed in 2023 with full industry adoption.
Cuscal’s NPP infrastructure, scalable solution design and modular API services have made it possible for both existing and new clients who are focused on investing in innovation for their customers, to extend their NPP services to access PayTo, ensuring they are at the forefront of future payments innovation across subscription and bill payments, ecommerce and in app transactions, embedded finance and account funding, and the bulk disbursement of funds.
Cuscal has also partnered with software providers to ensure that Cuscal’s NPP Payments and PayTo services are integrated seamlessly into all clients’ digital channels to deliver an optimum customer experience.
Cuscal’s expertise and scale has also attracted clients who are nimble, innovative and focused to take advantage of one seamless onboarding to enable them to be first to market with Cuscal’s NPP Payments and PayTo services.
James Foster, Chief Executive Officer, Ezypay, commented:
We chose to partner with Cuscal as we knew they could deliver on our requirements to be live with PayTo on Day 1. We are a leading subscription payments fintech and it’s comforting to know that Cuscal’s vision for the future of payments in Australia is strongly aligned with ours.
More information about Cuscal’s PayTo initiation services.
Payment Services Providers – initiating PayTo payments for businesses
Payer Financial Institutions – making PayTo payments for customers
Media contact
Simone Perryman, SShields@cuscal.com.au
