PayTo - Commonly Asked Questions

What is PayTo? How does it work? We answer the most frequently asked questions surrounding PayTo. PayTo is a new, digital way for merchants and businesses to initiate real-time payments from their customers’ bank accounts.

Driving efficiency and success for Stables with Monoova

From unmatched payments experience to world class technology and finally the people at Monoova, explore what led Stables to choose Monoova to power their payments.

Who are Monoova and what do we do? A chat with Christian Westerlind Wigstrom

We interviewed our own CEO and Co-Founder of Monoova, Christian Westerlind Wigstrom, on what Monoova does, how we help clients and what's in store for us in the future.

Monoova Finnies 24 Finalists

Monoova have been named as finalists in Excellence in Payments for The Finnies 24! Often referred to as the Oscars of Fintech, organised by FinTech Australia, the Finnies are Australia’s most prestigious fintech awards, celebrating the many achievements across the industry.

How Rello streamlines its operations with Monoova's payments platform

Learn how cross-border payments platform, Instarem, uses Monoova’s API to deliver payments at speed, automate reconciliation and enhance their customer experience through transparency of payment outcomes.

What are the Benefits of PayTo for Business?

Businesses across Australia in a wide range of industries, including travel, financial services and lending, and healthcare are embracing the efficiency and convenience that PayTo offers. We asked some of our clients to share their experience and the tangible benefits of PayTo.

How Instarem unlocks growth & efficiencies with Monoova

Learn how cross-border payments platform, Instarem, uses Monoova’s API to deliver payments at speed, automate reconciliation and enhance their customer experience through transparency of payment outcomes.

The Evolution of Payment Technology in Childcare

Rosie Slaughter, Senior Growth Manager at Monoova, shares her own experiences with childcare payments and how Monoova can address the current challenges faced by centres as well as childcare management platforms.

PayTo - What you need to know

In 2023, we saw the launch of PayTo, a new digital payment solution that enables businesses to initiate real-time payments from their customers’ bank accounts and gives consumers increased visibility and control over their payments from their banking app. Currently, Monoova is one of the largest issuers of PayTo agreements in Australia. Monoova hosted a panel discussion with commentary from both leading industry experts and clients who are currently using PayTo, exploring the origins and benefits for both merchants and consumers, first-hand client experiences as well as considerations for businesses thinking about adopting PayTo.

The Lender's Dilemma: Delayed payment and cashflow issues in lending

In the fast-paced world of lending cash flow is king. Prompt payment collection improves cash flow, which can lead to increased revenue. Your ability to operate smoothly and grow your business depends on the repayments from your borrowers. But what happens when those payments are delayed?

Wise and Monoova: Unlocking the Future of Payments

"Without the API that Monoova provides, things like BPAY, direct debits, bank transfers, we would have to integrate and build all the componentry around it individually. With Monoova, we can just plug into 1 API and we can gain all that functionality. So there's a lot of cost saving in the go to market process for us rather than having to build all supporting infrastructure around those processes." Tristan Dakin, Country Manager, Australian & New Zealand explains how Monoova has been instrumental in providing the key payments infrastructure to send money internationally for their Australian clients.

Real-Time Transfers Keep Money Moving During Optus Outage

In this week’s widespread Optus outage, it was interesting to see how PayID was a fallback payment method for savvy small businesses whose point of sale terminals were rendered useless. But PayID, and its sister PayTo, offer more than just a lifeline when connectivity is disrupted. Real-time account-to-account transfers, can offer valuable benefits that keep businesses running and money moving including: - Lower transaction costs - Enhanced security - Accessibility and versatility

Eastern & Allied and Monoova: Client Success

"Over 95% of our transactions are in real-time. Using NPP with Monoova has been a game changer. We've been able to save an incredible amount of time and resource using Monoova's payment solution. We've been able to streamline the way we operate and receive funds from a lot of different customers." Dianne Nguyen, CEO, Eastern & Allied shares how Monoova's payment solutions have transformed their remittance business whilst resulting in time, cost and resource savings.

The Evolution of Payment Technology in Australia's Wagering Industry

David Grant, one of our Growth Managers here at Monoova, recently attended Backing the Punt in Melbourne. He came back armed not only with new dad jokes (IYKYK) but also some additional insights into the industry. Particularly interested in sports betting David shared his knowledge and views on the history of payments in the industry and where he thinks it’s heading.

Which banks have switched on PayTo?

PayTo is not a solution for the future, it’s a solution for now. ANZ, CBA, Westpac and more recently NAB have all switched on PayTo so we've put together a handy list of banks that are currently live with PayTo.

PayTo: Debunking the Myths

PayTo is the first piece of account-to-account payments infrastructure in Australia that enables customers to authorise third parties to initiate recurring and one-off real-time pull payments from their accounts. With more banks going live with PayTo, it will modernise Australia’s financial services system in a way not seen before, and will see increased adoption from customers and business alike. David Grant, Growth Manager, Monoova shares some the common misconceptions and misplaced assumptions about PayTo he has come across in recent conversations.

Hnry & Monoova: A Partnership for Success

"Monoova, is one of the most valuable partnerships we have in the Australian market. The Automatcher service has been instrumental to Hnry's success in Australian market through the ability to provision account on demand for seamless customer onboarding experience, as well as unique bank account no and PayIDs, ability to reconcile payments and ability to pay in bound and outbound using both NPP and outbound using BPAY."Karan Anand, Chief Strategy Officer & Managing Director, Australia at Hnry shares how Monoova's API-enabled payment solutions are successfully powering Hnry for growth in the Australian market by providing a seamless payments experience to their customers.

General Counsel of the Year Finalist with Shen Yin, Head of Legal

We’re thrilled to share our Head of Legal and Company Secretary, Shen Yin, has been nominated as a finalist for General Counsel of the Year at the Lawyers Weekly Australian Law Awards 2023. We recently chatted with Shen on her many contributions to the legal and regulatory change works for Monoova, and what lies ahead with the recent Treasury announcement for the Strategic Plan for Australia’s Payments System.

Monoova Finnies 23 finalists

Often referred to as the Oscars of Fintech, organised by FinTech Australia, the Finnies are Australia’s most prestigious fintech awards, celebrating the many achievements across the industry. Last year we took home the grand title of Fintech Organisation of the Year. This year we submitted entries for two areas where we have really focused on elevating our position. So, we are very proud to be named as finalists in the Best Workplace Diversity and Excellence in Payments categories.

Monoova partners with Primer to provide flexible digital payments

Last week we announced that Monoova have joined forces with Primer to incorporate both PayTo and PayID into their commerce and payments automation platform. The move provides Primer’s global customers, with operations in Australia, access to New Payment Platform’s real-time payment method. Spearheaded by the Reserve Bank of Australia (RBA), PayTo is set to transform the management of direct debits in Australia.

Women in Tech with Emily Zhang, Chief People Officer

‍We sat down with Emily Zhang, Chief People Officer, to discuss how we are actively fostering a diverse culture at Monoova, the female mentors that have shaped her career and some pearls of wisdom that other women can learn from.

IWD Cracking the Code: Innovation for a gender equal future

The theme for this year's International Women's Day is "Cracking the Code: Innovation for a gender equal future". We asked a couple of our amazing team to share what this means to them, how we're achieving diversity in the workplace and reflect on their experiences as women working in tech.

Monoova powers PayTo for Wagepay receiving strong customer uptake

Speed, convenience and efficiency are among the most important elements of a great customer experience. With PayTo you can achieve, secure, real-time, reliable payments that not only help your business run more smoothly but also brings those CX goals to life.

Elevate Your Customer Experience with PayTo

Speed, convenience and efficiency are among the most important elements of a great customer experience. With PayTo you can achieve, secure, real-time, reliable payments that not only help your business run more smoothly but also brings those CX goals to life.

PayID: Origins & Benefits

Usage and awareness of PayID continues to grow with recent research conducted by NPP Australia revealed that 47% of users use PayID at least weekly. Monoova’s early support for PayID for business use cases has meant that more than 10%+ of all PayIDs registered to date have been created by Monoova. But what exactly is PayID? Where did it originate from and what benefits does it provide to businesses?

FinTech Australia announces new board appointment

FinTech Australia has reorgnised its board, appointing one new member and several new roles.

Wondering if PayTo is right for your business?

Is PayTo something you should be looking at for your business? Here's our handy checklist to help you decide whether you're ready for PayTo. If you are currently handling a large number of debits and payment agreements with your customers then yes, it’s likely PayTo could bring efficiencies to your business.

Automatcher Explained

We answers some common questions on how Monoova’s Automatcher works and how it can improve business efficiencies when it comes to automatic reconciliation.

Intersekt Panel: Payments as an experience

Intersekt 2022 panel discussion on Payments as an Experience featuring Christian Westerlind Wigstrom, CEO, Monoova.

PayTo and the Australian Fintech Market

Podcast: Christian Westerlind Wigstrom, CEO, Monoova shares his insight on the recent launch of Monoova's Payto Sandbox and thoughts on the current state of play in the local Fintech market with Fintech Chatter News.

Monoova FX Merger Enables Businesses to Reduce Payment Costs

Monoova have merged with Moneytech FX to deliver a single platform that enables businesses to consolidate domestic and international payment processes and take advantage of faster cross-border transactions.

Payments Revolution

Monoova's CTO, Nicholas Tan, joins BDO’s Global leader for Fintech, Tim Aman and and Kallan Hogan from Mastercard to discuss the driving forces behind the payments revolution and how modern digital payments affect payment speed, efficiency, risk protection, and user experience.

Data-enabled payments in Australia with CDR

This new partnership will see Monoova and Truelayer work together to launch data-enabled payments using the Consumer Data Right (CDR) to access open banking data in Australia. With CDR now at a tipping point as it approaches its second anniversary, and with the imminent launch of the New Payments Platform’s PayTo capability, Monoova and TrueLayer - two local and global fintech industry leaders - are excited to work together on new innovation horizons for data and payments combined.

Reimagining real-time payments & reconciliations with Cuscal

Payment-automation specialist Monoova is helping businesses benefit from the instant, always-on and data-rich capabilities of the New Payments Platform (NPP), driving the digital transformation of large, ongoing transaction flows to make managing business payments easy.

What is PayTo & How Does It Work?

What is PayTo? PayTo transactions are the next big thing in the Australian payments landscape. It will enable a new way to pre-authorise payments from consumer or business bank accounts.

4 ways to prevent pet scams

During the pandemic, many Australians have sought to adopt a puppy or kitten. Pets are a great addition to the family and also bring a sunshine of positivity in these uncertain times.

Online Identity Fraud and Romance Scams

Australians reported almost 4,000 dating and romance scams in 2019 with losses of more than $28.6 million (ACCC, 2020).

Saving time and resources on manual approvals.

From their earliest beginnings until now, Eastern & Allied has worked strategically with innovative fintech companies like Monoova to bring new and emerging technologies with the aim of serving their customers better. We recently sat down with Eastern & Allied to find out how Monoova helped streamline their business.

The payments revolution: How we will pay in the afterlife

Monoova CEO Christian Westerlind Wigstrom explores what happens after payments ‘die’ and move into the background. Like the Uber experience everywhere, all the time. However, progress needs to be made on four fronts in technology if payments are to fade away into the ‘afterlife’.

Death of Payments: the sequel

In October 2019, Monoova – a payments-automation business – made some seemingly damning predictions about its own industry: by 2030, payments as we know it will be dead. Presenting at the Intersekt Fintech Festival in Melbourne, we must have looked strangely excited about our own impending doom.

Monoova is 3x finalist in the Finnies Awards 2021!

On Friday 30th of April, FinTech Australia announced the finalists in the Finnies Awards 2021. The Finnies are ‘recognising and rewarding the Australian FinTech community by honouring innovation, growth and collaboration’.

Webhooks, APIs and other speedy reporting methods

Manual reporting slows all business processes. It’s prone to errors, unaccounted costs, security risks and can be painfully time-consuming.

Receive and pay funds with BPAY. One API is all you need

BPAY is an easy and secure way to send bills, receive payments and pay your suppliers.BPAY manages all your bills with one payment method all through your online banking. You can choose when, how much and from which account to bill payments - whatever works for you

Payments solutions enhance business processes

All types of businesses (e.g. start-ups, financial institutions) benefit from continually examining their existing processes. Businesses need to be vigilant in finding out exactly where efficiency gains can be realised.

Market-leading payments processing and the Nudge Saver app

Since partnering with Monoova, Nudge has experienced some ground-breaking wins:1) Faster payments processing timesThrough Monoova’s ‘Automated Payment Service’ (APS), Nudge has automated several back-end functions and reporting requirements.

MPS (Mandated Payments Service); the next step for real-time payments

The Mandated Payments Service is third-party payment initiation on the NPP. Customers can authorise third parties to initiate real-time payments from their bank accounts via the NPP.MPS is to be combined with consistent customer authorisation and third party payment initiation via the NPP.

Automated payments create ground-breaking wins

Payments processing shouldn’t hold you backProcessing payments manually affects business efficiency. Manual payments are time consuming, prone to errors and don’t include real time payment options.

2021 Outlook by Christian Westerlind Wigstrom, CEO Monoova

It’s difficult to be original. I, too, write lists at the beginning of years with plans, expectations, and aspirations. I, too, was wrong about 2020 as the year of travel and international expansion and so many other things. But there was one thing on my list that I wasn’t wrong about: ‘there is huge opportunity in payments’.

Real-time payments create new opportunities

Real-time payments are faster, data-rich and more secure. Cyber security is a high priority for all financial industry players.Globally there has been a rapid need for real-time payments:

Real-time payments are more than just speed

Real-time payments (RTP) are electronic payment solutions available 24/7, 365. RTP results in immediate or close to immediate interbank clearing of a transaction and crediting of a a payee’s account. Real-time payments are fast, touchless and also facilitate better data and increased certainty of payment.

Data-rich and more secure; real-time payments are not just speedy.

Real-time payments (RTP) are electronic payment solutions available 24/7, 365. RTP results in immediate or close to immediate interbank clearing of a transaction and crediting of a a payee’s account.Real-time payments are fast, touchless and also facilitate better data and increased certainty of payment.

Real-time payments help businesses anywhere, anytime

Real-time payments enable businesses and financial institutions to process payments seamlessly. It’s ‘always-on’, meaning businesses can make instant payments anywhere and anytime, including weekends and public holidays.

Faster payments and unparalleled efficiencies

Since integrating with Monoova, Instarem has experienced some ground-breaking wins: 1) New payment methods: Over 50% of Instarem’s customers have now chosen to pay with Instarem’s new PayID option. Customers can now pay through PayID or BSB.

3 ways real-time payments improve business efficiency

The New Payments Platform (NPP) supports a 24/7 digital economy. It works by moving money in real-time between bank accounts. The NPP gives users faster payments, simpler payment IDs (PayIDs) and more detailed transfer descriptions.

Monoova wins Best Fintech Payments Provider at FinTech Awards

Leading end-to-end payments provider, Monoova has been awarded Best Fintech Payments Provider at the fifth annual Australian FinTech Awards.

Finnies finalist!

We are thrilled to be announced as 2020 Finnies finalists!

FinTech Australia Podcast

CEO of Monoova Christian Westerlind Wigstrom talks to Dexter Cousins, host of FinTech Australia Podcast.

How the choice of payments system can help you through the crisis

The Coronavirus is forcing us to adapt to new ways of going about our every day, at least for a while. Now more than ever, small businesses need to lower overheads, improve cashflow and look after the health of their customers and staff. How can improving your payments process help achieve this?

Get paid in real-time with reporting and automatic reconciliation

For many businesses, keeping track of incoming transactions is a full-time job. It takes time to get paid; it takes additional time to find out that those transactions have been received; and it takes an awful lot of time to track down who paid you when lodgement references have been mistyped or forgotten.

Get to know Monoova

The problem of wasting time and money when managing cumbersome payments and reconciliation processes.

Talking Business with Alan Kohler

Head of Monoova, Christian Westerlind Wigstrom talks to Alan Kohler on the Qantas Podcast.

Monoova forms partnership with payments solution provider Splitit

End-to-end payments provider Monoova has signed a deal to automate transactions on behalf of global instalment payments business Splitit.

Monoova connects to the New Payments Platform (NPP)

End-to-end payments provider Monoova, and Australia’s leading independent provider of payment services for banks and payment platforms Cuscal, today announced the rollout of NPP payment capabilities to Monoova’s Automated Payment Service.

4 ways AutoMatcher improves payments for equity trading platforms

Introducing Monoova AutoMatcher. Monoova is making orphan transactions impossible. How? Say hello to AutoMatcher.

2030: the year payments died

Monoova presenting at Intersekt Festival

Making Augmented Reality a Reality

Moonova is delighted to be providing the payments infrastructure for Zukaz.

New features on our latest release

In these unprecedented times, we understand that there can be so many uncertainties. There’s one thing that we are certain about; the Monoova team is still working, providing you with new releases and new features. These are the new features we have released in March: