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Suncorp switches over to Cuscal and RediATM

29 June 2017 4:15PM
Suncorp is to join the rediATM network from 1 August after signing an agreement with Cuscal. This will lift the number of cardholders with direct-charge-free access to the rediATM network from about 10 million to more than 11 million cardholders.  The rediATM network is made up of more than 90 financial institutions of all sizes, including NAB, BOQ, CUA and People's Choice Credit Union. "National Australia Bank and Bank of Queensland have been members of the scheme for quite some time," said Cuscal managing director Craig Kennedy. "Progressively, more and more issuers have been joining the scheme, both as issuers of cards and to get access to more machines in more places," he said.  "It's not so much about getting more business for rediATM, it's about getting more access to more machines for members of the scheme. And progressively, more and more issuers have been joining the scheme, both as issuers of cards and to get access to more machines in more places.  "The key message here is that there is more consolidation in the ATM market," he said. "The economics of running ATMs, upgrading them dealing with new currency - as the overall use of cash comes down, it's only natural that the ownership of ATMs is rationalised." Gary Dransfield, Suncorp CEO customer platforms, said from 1 August, 2017, Cuscal Limited would become the exclusive provider of Suncorp's ATMs. "Suncorp customers will soon have fee-free access to more ATMs, in more locations than ever before, following the announcement of this new partnership," Dransfield said. Currently Suncorp manages its ATMs internally and has a bilateral arrangement with Bendigo bank. "In effect, we've been managing our own ATM deploying and managing our own ATM network - which is core business for Cuscal on a national scale," Dransfield said.  From August Suncorp customers will be able to access the whole rediATM network. Cuscal will take over management of Suncorp's 'in store' ATMs - that is, the mix of ATMs in branches.

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