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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.

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’.

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.

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.

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 (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 (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.

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.

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.

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

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?

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.

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

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

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.