Gareth, I don't know about any research papers, but suggest you...

Gareth, I don't know about any research papers, but suggest you read through a few of the recent market updates/annual reports of both ONC/CUS and you will see many synergies that have been discussed previously on this thread.

Longer term, ONC is moving into ATM/EFTPOS. Longer term CUS is moving into loyalty/rewards. Longer term both are moving into payment systems platforms. They share common shareholders in FCPBrencorp, with Peter Scanlon, now based in Hong Kong, pulling the strings. See also Oriel Commnuications, OCO, which FCP Brencorp have taken over and are using it as a vehicle for their investment expansion, first off backing their ONC stake into it. I suspect they may well back their CUS stake into it as well, but after a consolidation as they now have some billion shares on issue, as does CUS. Also look at iCash, (ICP), a newer, smaller player in the market, but with some interesting things in the pipeline and, I suspect, bigger things ahead.

No doubt there are interseting times ahead, but as many regulars here know, it's taking longer than expected. Still believe it will be worth the wait, and so does Hunter Hall.