Faster payments and unparalleled efficiencies

Monoova
March 10, 2021

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.
2) Speed: Traditional 1-2 business days transaction times for customers are now in real-time.
3) Transparency: 100% of transactions are now tracked through instant push notifications via API

“Working alongside Monoova has been a pleasure for us. Their dedicated team was agile and focused on solutions , allowing us to work through problems efficiently. Most importantly, Monoova’s platform has empowered our customers to take control over their transactions. We look forward to working with Monoova into the future, as they continue to provide innovative products for fintech services around the world.” Michael Minassian, Regional Head of Consumer Business – Australia, Instarem

A need for real-time payments

Instarem partnered with Monoova to provide faster payment solutions for their Australian customers. Before integrating with Monoova, domestic transfers weren’t yet processed in real-time. Customers had no option but to wait 1-2 business days to confirm the receipt of funds.

Instarem wanted to provide their customers with more transparent and convenient transactions. Sending payments in real-time, securely and conveniently was a key goal. By partnering with Monoova, Instarem accelerated transaction processing times for their consumers. Through Monoova’s payments solution, Instarem’s customers can now expect real-time payments and have more control over their transactions.

Simplicity and convenience

To streamline domestic customer transfers, Instarem utilised Monoova’s PayID solution. By partnering with Monoova, Instarem easily gained access to the New Payments Platform (NPP). The NPP allows for real-time payments between Australian bank accounts.

PayID provides an easier way for customers to send and receive money. They no longer need to share lengthy BSB and account numbers.

With PayID, only the customer’s unique email address or mobile number needs to be used. All funds are instantly received and automatically reconciled, completely streamlining the end-to-end transaction process. Instarem customers now experience faster payments and no longer need to wait 1-2 business days. Transactions are processed in real-time.

Customers can be hesitant to try a new method of money transfer. However, since integrating with Monoova, over 50% of Instarem’s Australian customers now frequently use PayID. This clearly shows the popularity of the solution amongst consumers.

Instarem was surprised at how easy it was for customers to adopt the PayID method. Despite many Instarem customers initially being unaware of how PayID worked, Instarem found that customer adoption rates for PayID significantly increased.

Customers have eagerly migrated to PayID – without the need for much convincing. They now have the flexibility to choose to pay through PayID or Direct Entry with the usual BSBs and account numbers.

Streamlined processes

Monoova’s PayID solution creates simplicity and convenience for Instarem’s customers. Customers can easily choose which payment method they prefer to use – Pay ID or Direct Entry. They can make fast payments 24/7, and transactions are tracked through instant push notifications via API.

This provides greater transparency in the payments process. Instarem (and its customers) are notified on the status of all transactions. The entire payments process is now simple and stress-free, both for the Instarem business and its end customers.

About Instarem

Instarem is the consumer and SME arm of Nium, which is a global financial technology platform that is redefining the way consumers and businesses send, spend and receive funds across borders.
Having grown from solely focusing on consumer remittance via Instarem, the company now also provides fintech solutions for banks and large enterprises.
Instarem promises customers fast, transparent and convenient international remittance services across more than 50 markets.