UNITY BANK LIMITED 2022 Financial Report UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315
ABN 11 087 650 315
39. OUTSOURCING ARRANGEMENTS The Bank has arrangements with other organisations to facilitate the supply of services to members. (a) CUSCAL Limited CUSCAL is an Approved Deposit Taking Institution registered under the Corporations Act 2001 and the Banking Act. The Bank has equity in the company. This organisation: (i) provides the license rights to Visa Card in Australia and settlement other institutions for ATM, Visa card and cheque transactions, direct entry transactions, as well as the production of Visa card for use by members; (ii) operates the computer network used to link Redicards and Visa cards operated through Reditellers and other approved ATM providers to Bank’s EDP Systems. (iii) provides treasury and money market facilities to the Bank. The Bank invests a significant part of its liquid assets with the CUSCAL to maximise return on funds, and to comply with the Liquidity Support Scheme requirements. The valuation of the Cuscal shares is based on the recent share buyback scheme in December 2021 as a reasonable approximation of fair value. Refer Note 13 for details on the fair value assessment. (b) Ultradata Australia Pty Limited Provides and maintains the application software utilised by the Bank. (c) Transaction Solutions Pty Limited This organisation operates the computer facility on behalf of the Bank in conjunction with other Banks and Credit Unions. The Bank has a management contract with the company to supply computer support staff and services to meet the day to day needs of the Bank and compliance with the relevant Prudential Standards. 40. SUPERANNUATION LIABILITIES The Bank contributes to various superannuation providers for the purpose of superannuation guarantee payments and payment of other superannuation benefits on behalf of employees. The providers are administered by independent corporate trustees. The Bank has no interest in any of the superannuation providers (other than as a contributor) and is not liable for the performance of the plan, or the obligations of the plan.
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