National Australia Bank (NAB) and Cuscal have entered into an agreement to create an ATM network of more than 3,100 Automatic Teller Machines (ATMs).
The bank has reported that under the agreement, NAB’s 1,700 ATMs will combine with the Cuscal-managed 1,400 rediATM sub-network of more than 100 participating retail financial institutions. All NAB-owned ATMs will carry the NAB logo and all ATMs within the combined network will display the rediATM logo.
It is expected that these two networks will save each other’s customers more than $10 million in ATM direct charges annually. This solution will be available to customers once all regulatory approvals have been finalized over the next few months.
Craig Kennedy, managing director of Cuscal, said: “For seven million Australians, rediATM means ‘direct charge free banking’ and with even the smallest rediATM participant able to offer a market leading ATM network, we are bolstering competition in retail banking.”
Lisa Gray, personal banking’s group executive at NAB, said: “The combined NAB and rediATM network will be one of the largest in Australia. As we stated in our strategy update in March, Personal Banking is an area where NAB will continue to invest.”
Cuscal is a business-to-business provider of wholesale banking and transactional banking services to retail financial institutions in Australia.
