Introducing Monoova AutoMatcher
Monoova is making orphan transactions impossible. How? Say hello to AutoMatcher.
AutoMatcher helps companies reconcile incoming bank transfers automatically. Normally, this is a huge issue since a mistyped or forgotten reference results in a goose hunt for the source and reason for the payment. With AutoMatcher you always know who paid you. There are no so-called ‘orphan transactions’. Already, our AutoMatcher is used by one of the world’s largest fintechs. We allow them to automate fully their receivables reconciliation in Australia.
Typically, equity-trading platforms cannot receive funds via credit cards. They therefore usually receive funds into a pooled bank account instead. This means that funds are reconciled on the basis of a manually entered reference number. Sometimes, even the reconciliation is manual. Clearly, such a manual process is fraught with operational risk.
How will Monoova’s AutoMatcher improve equity-trading platforms payments for both users and platforms?
- Automated Reconciliation – Monoova can issue unique bank account numbers in real time. These numbers can be passed onto users so that each user has a unique number to deposit funds into that is known only to that user. Amounts credited to that account number can only be from that user. No more orphan transactions because the reconciliation is fully automated.
- Speed – Monoova checks funds received into these bank account numbers six times per day. Users will have funds in their trading accounts ready to trade far quicker than a normal bank transfer.
