OMAHA, Neb.--(BUSINESS WIRE)--BHMI, a leading provider of payments software and creator of the Concourse Financial Software Suite®, announced that Cuscal Limited, Australia’s leading independent provider of payment solutions, will be utilizing BHMI’s Concourse solution to support the needs and requirements for Australia’s New Payments Platform (NPP) upcoming PayTo initiative, which provides customers with enhanced visibility and control over their payment options.
Launched in 2018, NPP is Australia’s real-time payments system that allows money to move between different financial institution NPP-connected accounts in seconds. Currently, the system supports credit or “push” payments that customers initiate themselves from their accounts. However, with PayTo, users will now also be able to authorize third parties that can initiate payments on their behalf at the NPP network level.
Cuscal enables NPP payment processing and settlement services for more than 50 banks and payment service providers. As part of its current, ongoing back office support for Cuscal's NPP settlement and disputes processing, BHMI's Concourse will help extend these functions to the new PayTo capabilities. This will include new, enhanced reporting functions and support for disputes related to PayTo investigations and claims that pass through Cuscal’s API connection with the NPP system. Like current NPP transactions, PayTo functions must align to ISO 20022 standards that provides a common messaging language for end-to-end payments from an individual to a business. Concourse will also continue to support this messaging between the authorized third parties and financial institutions under the new capabilities.
“When it comes to real-time disputes resolutions, it’s not just about being fast – you have to be certain,” said Nathan Churchward, Head of Product, Emerging Services for Cuscal Limited. “BHMI’s Concourse helps ensure that certainty and provides the flexibility necessary to support the evolving needs and functionality of the NPP platform and its users, like the developing PayTo initiative.”
“We are very pleased to continue our partnership and support of Cuscal and the NPP Australia platform,” said Lynne Baldwin, President of BHMI. “Concourse is a vital solution for our global clients like Cuscal, offering the configurability and flexibility to scale to their needs as they evolve. We look forward to helping them continue to deliver the best user experience for their clients through the NPP."
About Cuscal
For more than 50 years, Cuscal has championed competition in banking and payments in Australia by leveraging its scale, banking knowledge, technical background, and regulatory expertise. Cuscal specializes in delivering reliable and secure solutions that support the flow of transactional data between customers and enterprises, ensuring fair access to the Australian payments and banking ecosystem. To learn more about Cuscal, please visit www.cuscalpayments.com.au.
About BHMI
BHMI is a leading provider of product-based software solutions focused on the back office processing of electronic payment transactions. The company is best known as the creator of the Concourse Financial Software Suite® – a unique integrated collection of back office products that allow companies to adapt to the rapidly changing world of payments quickly and easily. Concourse is a cohesive and integrated package, including settlement, reconciliation, fees processing, and disputes workflow management, that reduces the cost and complexity of back office processing. Concourse’s continuous processing, near real time architecture and powerful rules engine is ideally suited for new payment initiatives like P2P and enables companies to perform back office processing for any type of payment transaction. To learn more about BHMI, please visit www.bhmi.com.
