Data-enabled payments in Australia with CDR

We’re pleased to announce our partnership with Truelayer, a global leader in open banking.

Monoova CEO, Christian Westerlind Wigstrom, explains how the partnership will harness financial and identity insights using Australia’s Consumer Data Right (CDR) for smarter, faster, data-enabled payments in the Australian market.

“Conventional payments processes typically involve possible human error when entering BSB and account number details, the inconvenience of waiting three days just to find out that a payment was dishonoured, and a risk of fraud. Most of this goes away with the new real-time PayTo transaction type. For instance, you are immediately notified if a transaction fails. That’s a huge advantage over direct debits. But the real game-changer here is using CDR data to reduce the risk of failed payments altogether. That saves businesses time and money.

We’re excited to work with TrueLayer because we already have customers in common who could benefit from us working together to solve problems for them. We’re breaking new ground here in Australia by using CDR to improve payments. TrueLayer has proven credentials in open banking and payments from overseas markets, and that experience is hugely valuable for Monoova.”

Facilitated by TrueLayer, an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission, Monoova’s clients will benefit from customer-permissioned bank data obtained in accordance with the CDR Rules to empower one of the biggest use cases for open banking data in Australia - namely, payments.

“The benefits of combining data with payments extend to all kinds of payments, whether one-off or recurring,” says Brenton Charnley, CEO Australia & New Zealand of TrueLayer. “Some of the biggest benefits will be for higher value and higher risk transactions such as buying a car or a boat, investing in shares or crypto, and cross border remittances.”

“Payments is the newest and biggest use case for CDR, so we’re hugely excited to be working with a paytech leader like Monoova,” continued Mr Charnley. “The better the information you have about your customer, the better you can serve them. In the case of payments, this means knowing the identity of the payer and payee, having the correct bank account information, checking the balance is sufficient, and understanding insights into financial behaviour. Put simply,

CDR is the best way to get all this information - it’s real-time, secure and permissioned, with strict privacy controls in place.” Monoova are looking forward to a long and successful collaboration empowering innovative use cases for data plus payments including faster customer onboarding, account verification, balance checks, and verified instant payouts and withdrawals for e-commerce, wealth and gaming apps.

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_{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.}

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