Market-leading payments processing and the Nudge Saver app

Monoova
March 10, 2021

Since partnering with Monoova, Nudge has experienced some ground-breaking wins:

1) Faster payments processing times
Through Monoova’s ‘Automated Payment Service’ (APS), Nudge has automated several back-end functions and reporting requirements. This has resulted in exponentially faster payments processing times alongside reduced transaction costs. From both a technical integration perspective and as a UI for monitoring their payments, Nudge has easily utilised Monoova’s APS.

2) New and improved features
Monoova’s enhanced capabilities open up a range of possibilities for new and improved features to be added to the Nudge Saver app. This includes the ability to add ‘social savings’ components, which will allow users’ friends and family to sponsor their savings goals as a form of gift-giving.

“With Monoova’s flexible technology, and their genuine willingness to tailor solutions for clients’ purposes, they make the perfect partner for us. They are also able to combine the stability of a larger partner with the speed and responsiveness of a start-up”– Andrew Wilson, Co-Founder, Nudge

About Nudge

The Nudge Saver app helps people reach their savings goals sooner through behavioural economics principles. Nudge uses impulse savings prompts, personalised goal-based coaching, image-driven goal tracking and other gamified features to facilitate better financial health for their users.

When a user accepts a savings ’nudge’, the amount is withdrawn from their existing bank account and transferred into their Nudge Saver account, effortlessly increasing their savings.

Process transactions in seconds

Manual methods of processing payments slow down business efficiency and impact on customer satisfaction. Today, payments are faster than they have ever been. Businesses should be free to scale and to focus on their customer’s needs without being hindered by payments processing.

Managing complex reconciliations across multiple systems and processing certain payments manually, encumbered Nudge’s ability to scale. Nudge needed a solution that could both integrate seamlessly with their existing systems and also aid them in offering market leading payments processing times.

They needed an automated system that could manage their various payments with ease and enable a broader range of payment types (including BPAY for future product features).

Monoova’s Automated Payment Service (APS) was key to processing time-consuming transactions in seconds, securely saving time and money on payments processing. Through working with Monoova, Nudge has automated several of its back-end functions and reporting requirements. This has resulted in shorter payments-processing times and significantly lower transaction costs.

Future opportunities for growth

According to Nudge Co-founder, Andrew Wilson, people often understand the steps needed to improve their financial health. However, they have previously lacked the tools or the motivation to take meaningful action. This is because many existing tools are far too complex. Nudge aims to solve both these issues.

“Our app is about helping people do what they already know they should in the simplest possible way – save up for things they really want, rather than burdening themselves with debt for things they may not truly value. We do this using a goal, behaviour, and reward cycle to keep users motivated. It works because we’ve applied a clever technology layer to the psychology, not the other way around.” -Andrew Wilson, Co-Founder, Nudge

Monoova’s enhanced capabilities open up a range of possibilities for new and improved features to be added to the Nudge Saver app. This includes the ability to add ‘social savings’ components, which will allow users’ friends and family to sponsor their savings goals as a form of gift-giving.