Cuscal Limited is an Australian company that predominantly provides transactional banking, liquidity and capital management services and products to institutional customers including credit unions, mutual banks and
superannuation
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payment ...
funds. Cuscal is regulated by the
Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the re ...
(APRA) as an Australian
authorised deposit-taking institution Financial institutions in Australia are only permitted to accept deposits from the public if they are authorised deposit-taking institutions (ADIs). The ADI’s authority is granted by the Australian Prudential Regulation Authority (APRA) under the ...
(ADI), and by the
Australian Securities & Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to pro ...
(ASIC). It is a member of
EFTPOS
Electronic funds transfer at point of sale (EFTPOS; ) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS ...
Payments Australia and the
Australian Payments Clearing Association
Australian Payments Network Limited (AusPayNet), formerly the Australian Payments Clearing Association (APCA) is the self-regulatory body set up by the payments industry to improve the safety, reliability, equity, convenience and efficiency of pa ...
. Cuscal has an A+ credit rating.
Cuscal was established in 1992 as the Credit Union Services Corporation Limited and became Credit Union Services Corporation (Australia) Limited before changing its name to Cuscal Limited in December 2005. Cuscal replaced the state based credit union bodies, which had been in operation since 1956. Cuscal was incorporated as a Special Service Provider (SSP) under the financial institutions scheme, and assumed a role of providing liquidity and balance sheet support, in addition to aggregated access to money markets, to the mutual banking industry through its treasury function.
In 1994, Cuscal released the Credit Union Code of Practice. Until the Credit Union Industry Association (CUIA) and the Australia Association of Permanent Building Societies (AAPBS) merged to form a new joint industry association in 2006, the Association of Building Societies and Credit Unions (Abacus – Australian Mutuals) now the Customer Owned Banking Association (COBA), Cuscal also assumed the role of a trade association for Australian credit unions and co-operatives.
In 2014, Cuscal acquired Strategic Payments Services.
Services
Cuscal's services include:
* electronic and paper payment processing including Acquiring,
eftpos
Electronic funds transfer at point of sale (EFTPOS; ) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS ...
, ATMs, NPP, Apple Pay, Google Pay, direct entry,
BPAY and member and corporate chequing
* card products (including rediCARD debit and Visa debit and credit cards)
* specialised credit union finance facilities
* network communication services
* development of payments infrastructure
*
Velocity Global Wallet prepaid Visa product.
Treasury services include:
* mortgage securitisation services
* liquidity management and settlement services
* fixed interest / debt securities: Commonwealth bonds, Semi-government bonds, Corporate bonds, Commercial paper, Asset-backed securities
* interest rate derivatives: Fixed rate bills, Fixed rate agreements, Interest rate swaps
* financing products including standby letters of credit and guarantees
* bilateral loan facilities
* tradeable security brokerage services
* market and liquidity risk management advisory services
* fixed income portfolio management services
References
External links
*
Company Overview of Cuscal Limited
Credit unions of Australia
Companies based in Sydney
Cooperative federations
Neobanks
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