The prudential watchdog pushed Cuscal to review its risk culture, prompting the payments company to warn potential investors the regulator could take further action if it does not correct deficiencies in its systems after it goes public.

Cuscal is the only company outside the major banks with an end-to-end system connecting to every payment rail, to process any payment type. It allows the likes of Bendigo and Adelaide Bank, ING or Square to process credit and debit cards, real-time payments or cash withdrawals from ATMs.