Cuscal News - Edition 25 - Developments in account switching and payments.

Late last month, Bernie Fraser's report on cost effective account switching arrangements was launched by the Treasurer, The Hon Wayne Swan. Cuscal welcomes the recommendations within the report, as they have the potential to break down a key barrier as to why people retain their existing transaction accounts, even if dissatisfied.

Smaller financial institutions should be able to more easily secure new customers with these recommendations, as the responsibility to update direct debits and credits can be transferred to their new financial institution. We provide further detail on the initiative in this article, and outline how Cuscal is intending to work with the industry to bring this to pass for the benefit for your customers.

On the 19 September, Cuscal is extending the processing deadline for direct entry payments from 3pm to 5pm.  If you take advantage of this service, your customers will have a greater window during business hours within which they can send payments. The funds should hopefully be received by payees on the next business day. See this article for further detail on how to take advantage of this enhanced service.

As a final note, Cuscal recently announced its annual results for 2010/11, and I am pleased to inform you that we delivered a strong result. We delivered a record year in terms of net profit from normal operations, which sets us up with a strong foundation to deliver new products and services as part of our 2013 payments platform. See our  Annual Report online, for further information.

Please feel free to contact me or any of the team for further information on any of the news provided in this edition of Cuscal News.

Best regards,
Bruno Di Mattia

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This article was published in Cuscal News, the online newsletter keeping you informed.

Cuscal News contains information on our industry, products, services and other news to assist you unlock your potential. If you would like to receive Cuscal News, and/or provide feedback on this article please email us at communications@cuscal.com.au