Client Success
Auto-Reconciliation
PayID
Client Success
Auto-Reconciliation
PayID
Client Success
Auto-Reconciliation
PayID

Instarem unlocks growth & efficiencies with Monoova

March 6, 2024
Share

“We're all about real-time payments globally. Monoova really helps us be able to collect those funds from where customers are sending those funds in a transparent and very instant manner, gives us complete access to the NPP, as well as help disperse those funds on behalf of inbound transactions into Australia as well.”

‍

Michael Minassian, VP & Regional Head of Instarem, APAC, NIUM

‍

Case Study: Real-time payments for Instarem

Founded in 2015 and headquatered in Singapore, Instarem enables customers to securely and conveniently remit and collect money all around the world – with over 60 different countries for individuals and for small business nearly 200 countries. Faced with operational challenges such as delayed payments, manual reconciliation and costly card processing fees, Instarem turned to Monoova to provide a seamless solution for their business needs.

Watch the case study below:

The results

  • Over 90% of payments are going through PayID
  •  Reduced transactions times from 1-2 business days to real-time with NPP
  • Virtual account creation and instant reconciliation of transactions have enabled substantial cost and resource savings for their back office
  • Simple integration compared to previous providers

‍

‍Unlocking real-time payments

With Monoova, Instarem gained access to the New Payments Platform (NPP) for real-time payments for both collection and disbursement of funds which has been a gamechanger for their business.

Instarem is seeing over 90% of customer payments going through PayID. PayID provides an easier way for customers to send and receive money, removing the need to use lengthy BSB and account numbers, and has seen increased adoption in recent years.

Transactions are tracked through instant push notifications via API providing greater transparency in the payments process for both Instarem and their customers.

‍

Saving hours and resources with instant reconciliation

Monoova’s ability to create unlimited virtual accounts to customers alongside instant reconciliation of those accounts has resulted in productivity and efficiency gains for Instarem.

“The efficiencies we've been able to have in our back office in terms of reconciliation when funds come in, to allocate those two accounts for the oversight and screening that we're able to do, allow us to really reduce the lot of costs in our back office, but more importantly, get funds.”

‍

Collaborative approach to compliance

“Monoova understands our business and businesses like us. They really came to work with us to understand what controls we have in place and we're proud of our compliance record. We're really proud of the fact that we're able to protect our customers' funds and we're compliant in over 40 different countries globally. I think the collaboration we've had with Monoova on the compliance front has also been a real added value of this relationship.”

‍

If you'd like to learn more about our payment solutions, get in touch with one of our team today.

‍

Monoova Payments Pty Ltd (ABN 38 126 015 227) trading as Monoova (“Monoova”) is the authorised representative of Monoova Global Payments Pty Ltd (ABN 77 106 249 852; AFSL No. 421414 ), the issuer of the Combined Financial Services Guide & Product Disclosure Statement Non-Cash Payment Products and Services dated 20 September 2023. (FSG/PDS). This information is given in summary form and does not purport to be complete. To the maximum extent permitted by law, Monoova does not assume responsibility for, the content, accuracy or completeness of the information presented. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent legal, financial and tax advice. To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties.

Related Articles

Client Success
Payments

Eastern & Allied and Monoova: Client Success

Click here to read the full article
"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.
Read More
Payments
Auto-Reconciliation

How real estate agents can use payments to boost their bottom line

Click here to read the full article
David Greene, Chief Commercial Officer at Monoova shares his top payment strategies for real estate agents to improve their bottom line.
Read More
Client Success

Saving time and resources on manual approvals

Click here to read the full article
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.
Read More
Payments
PayTo
PayID

Two Years On: How PayTo Has Transformed Wagepay’s Payment Experience

Click here to read the full article
Since launching PayTo, Wagepay has seen impressive results. Now close to two-thirds of their users now have active PayTo agreements to manage their repayments with increasing uptake from their customer base which highlights the growing appetite among consumers for real-time, data-rich payment options. By integrating PayTo, Wagepay has been able to improve their user experience through fast payments while also gaining operational efficiencies through better payment visibility, real-time settlement and instant reconciliation.
Read More