By integrating Monoova's real-time payment infrastructure, Faster has significantly reduced the time between loan approval and fund disbursement, giving customers quicker access to finance through a seamless digital experience.
At a Glance
Industry:
Digital Lending
Solutions Used:
Outcome:
Reduced approval-to-disbursement times, enabling Faster customers to receive funds in minutes rather than waiting on traditional settlement processes.
About Faster
Faster is an Australian digital lender helping underbanked Australians access finance when traditional lending options aren't available. Through a simple mobile-first application process, Faster provides fast, accessible funding for unexpected expenses without relying solely on conventional credit scoring. For customers facing urgent financial needs, speed isn't just a convenience – it can be essential.
The Challenge
Before partnering with Monoova, Faster relied on a traditional payments provider using legacy settlement methods. While loan approvals were efficient, moving funds to customers wasn't.
For a business built around providing fast access to finance, delays in payment settlement created unnecessary friction in the customer journey and limited Faster's ability to deliver on its promise of speed. The business also needed payment infrastructure that could integrate directly with its lending platform and support future growth through automation.
The Solution
Monoova provided Faster with a modern payment infrastructure built around real-time payments and API connectivity. By integrating Monoova directly into its loan management platform, Faster automated payment initiation and significantly streamlined the journey from loan approval to disbursement.
Today, Faster uses:
- NPP to deliver real-time customer payouts.
- Card payments for fast settlement where appropriate.
- Direct Debit to support customers who prefer account-based repayments.
Because Monoova's APIs integrate directly into Faster's lending workflows, payments happen as a natural extension of the customer experience rather than a separate operational process.
The Results
Since implementing Monoova, Faster has transformed the speed and efficiency of its payment operations.
Key outcomes include:
- Significantly reduced approval-to-disbursement times.
- Faster access to funds for customers during critical moments.
- A more seamless digital lending experience.
- Automated payment workflows integrated directly into Faster's platform.
- Flexible payment capabilities supporting multiple payment methods.
- Responsive support enabling Faster to quickly adjust limits, products and operational settings as the business evolves.
For Faster's customers, this means receiving the financial support they need sooner, improving both satisfaction and confidence in the lending experience.
"When we moved to Monoova, we could provide our customers with a faster experience and provide them with the finance they need at the click of a button through NPP and these fast payment rails."
– Duncan McIntyre, Founder & CEO, Faster
Looking Ahead
Faster's vision is simple: make finance more accessible for Australians who have traditionally been underserved by the financial system.
With Monoova providing the underlying payment infrastructure, Faster continues to simplify how customers apply for and receive finance – delivering a faster, more accessible experience whenever unexpected expenses arise.
FAQs
Q1: How did Faster improve loan disbursement times?
A1: Faster integrated Monoova's real-time payment infrastructure directly into its lending platform, allowing loan payouts to be initiated automatically and delivered through NPP payment rails in near real time.
Q2: What payment solutions does Faster use through Monoova?
A2: Faster uses NPP real-time payments for customer payouts, Direct Debit for account-based repayments and card payments where fast settlement is required.
Q3: What benefits did Faster achieve with Monoova?
A3: Faster reduced approval-to-disbursement times, automated payment workflows, improved customer experience and gained greater flexibility through integrated payment infrastructure.
Q4: Why are real-time payments important for digital lenders?
A4: Real-time payments help digital lenders deliver funds faster, improve customer satisfaction and reduce operational delays associated with traditional settlement methods.
Q5: How does API integration improve lending operations?
A5: API integration allows payment initiation and processing to occur directly within lending workflows, reducing manual intervention and creating a more seamless customer experience.
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