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In today’s digital economy, every second counts. Whether you’re collecting from customers, paying suppliers or managing transactions – payment delays don’t just waste time, they cost your business valuable resources, erode customer trust and risk losing loyal clients.
That’s why more Australian businesses are turning to real-time payments and automated reconciliation to transform the way they manage cash flow, reduce operational burdens and deliver a better customer experience.
The Rise of Real-time Payments in Australia
Australia’s New Payments Platform (NPP) has been at the centre of this shift. Launched in 2018, the NPP is a fast payments infrastructure that connects more than 100 banks, financial institutions and payment providers. It allows near instant fund withdrawals and deposits, 24 /7, 365 days a year – including on weekends and public holidays.
The NPP powers services like PayID and PayTo, helping Australian businesses move money faster, safer and smarter. If you’ve used Osko or PayID to send money to a friend instead of using BSB and account number, you’ve already seen the convenience of NPP in action. With over 1.6 billion NPP transactions processed in 2024, adoption is rapidly accelerating as more businesses and consumers adopt real-time payment options.
API enabled payment processing platforms such as Monoova can help businesses leverage the NPP’s capabilities, whilst also providing automation through near instant reconciliation, customisable rules, webhooks and data-rich reporting to make the payments journey seamless from end to end.
Leveraging Real-Time Payments with PayTo
PayTo is the latest modern digital payment solution powered by the NPP that enables secure, real-time, account-to-account payments from a customer’s bank account. Customer’s can set up their PayTo agreement using their PayID, or BSB and account number. The benefits for businesses using PayTo:
• Payments are validated instantly
• Funds are transferred in seconds
• Immediate alerts flag failed or incomplete transactions
This technology is a smarter, safer alternative to traditional direct debits as it delivers lower dishonour rates and a better experience for your customers. Payment processing platforms such as Monoova that are API enabled can offer PayTo as a payment option alongside other options traditional direct debit, BPAY and more.
The Benefits of Automated Reconciliation
Reconciliation takes up a significant portion of any finance team’s time, and if you’ve ever spent hours trying to match incoming payments to customers or invoices, you know how time consuming reconciliation can be, especially at scale.
Manual reconciliation processes also leave room for human error, on both sides of the transaction. A missing reference number, a mistyped account detail, or an unexpected payment amount can cause confusion, delays, and a lot of unnecessary back-and-forth. This is where automated reconciliation comes in.
Payment platforms like Monoova can integrate with your existing finance and reporting systems, matches incoming payments with what you’re expecting to receive — and identifies when the sums don’t match.
Customers can be assigned a unique virtual account or PayID. This links payments directly to the correct customer, automatically matching them in real-time. It’s a huge time-saver for businesses that have traditionally relied on manual reconciliation and reduces the risk of errors or misallocated funds.
Adopting real-time payments and automated reconciliation can save businesses time, strengthen cash flow, and deliver a better experience for customers and teams alike. If you're still relying on traditional payment methods and manual processes, this could be the shift that unlocks real efficiency.
Ready to leverage real-time payments and automated reconciliation?
Monoova are leaders in real-time payments, with over $150B+ transactions processed to date. You can meet with the Monoova team at The Business Show this November, come chat to the team!
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