Blog

PayTo is the first piece of account-to-account payments infrastructure in Australia that enables customers to authorise third parties to initiate recurring and one-off real-time pull payments from their accounts. With more banks going live with PayTo, it will modernise Australia’s financial services system in a way not seen before, and will see increased adoption from customers and business alike. David Grant, Growth Manager, Monoova shares some the common misconceptions and misplaced assumptions about PayTo he has come across in recent conversations.

"Monoova, is one of the most valuable partnerships we have in the Australian market. The Automatcher service has been instrumental to Hnry's success in Australian market through the ability to provision account on demand for seamless customer onboarding experience, as well as unique bank account no and PayIDs, ability to reconcile payments and ability to pay in bound and outbound using both NPP and outbound using BPAY."Karan Anand, Chief Strategy Officer & Managing Director, Australia at Hnry shares how Monoova's API-enabled payment solutions are successfully powering Hnry for growth in the Australian market by providing a seamless payments experience to their customers.

Often referred to as the Oscars of Fintech, organised by FinTech Australia, the Finnies are Australia’s most prestigious fintech awards, celebrating the many achievements across the industry. Last year we took home the grand title of Fintech Organisation of the Year. This year we submitted entries for two areas where we have really focused on elevating our position. So, we are very proud to be named as finalists in the Best Workplace Diversity and Excellence in Payments categories.

Last week we announced that Monoova have joined forces with Primer to incorporate both PayTo and PayID into their commerce and payments automation platform. The move provides Primer’s global customers, with operations in Australia, access to New Payment Platform’s real-time payment method. Spearheaded by the Reserve Bank of Australia (RBA), PayTo is set to transform the management of direct debits in Australia.

As an industry first, Wagepay, a Brisbane based earned-wages access fintech, has switched on PayTo for real-time customer payments. This milestone has been achieved in partnership with Monoova, an award-winning Sydney-based payment service provider.

Speed, convenience and efficiency are among the most important elements of a great customer experience. With PayTo you can achieve, secure, real-time, reliable payments that not only help your business run more smoothly but also brings those CX goals to life.

Usage and awareness of PayID continues to grow with recent research conducted by NPP Australia revealed that 47% of users use PayID at least weekly. Monoova’s early support for PayID for business use cases has meant that more than 10%+ of all PayIDs registered to date have been created by Monoova. But what exactly is PayID? Where did it originate from and what benefits does it provide to businesses?

FinTech Australia has reorgnised its board, appointing one new member and several new roles.

Is PayTo something you should be looking at for your business? Here's our handy checklist to help you decide whether you're ready for PayTo. If you are currently handling a large number of debits and payment agreements with your customers then yes, it’s likely PayTo could bring efficiencies to your business.

We answer some common questions on how Monoova’s Automatcher works and how it can improve business efficiencies when it comes to automatic reconciliation.

Intersekt 2022 panel discussion on Payments as an Experience featuring Christian Westerlind Wigstrom, CEO, Monoova.

Podcast: Christian Westerlind Wigstrom, CEO, Monoova shares his insight on the recent launch of Monoova's Payto Sandbox and thoughts on the current state of play in the local Fintech market with Fintech Chatter News.

Monoova have merged with Moneytech FX to deliver a single platform that enables businesses to consolidate domestic and international payment processes and take advantage of faster cross-border transactions.

Earlier this year Truelayer hosted a panel discussing CDR in Australia.

Monoova's CTO, Nicholas Tan, joins BDO’s Global leader for Fintech, Tim Aman and and Kallan Hogan from Mastercard to discuss the driving forces behind the payments revolution and how modern digital payments affect payment speed, efficiency, risk protection, and user experience.

This new partnership will see Monoova and Truelayer work together to launch data-enabled payments using the Consumer Data Right (CDR) to access open banking data in Australia. With CDR now at a tipping point as it approaches its second anniversary, and with the imminent launch of the New Payments Platform’s PayTo capability, Monoova and TrueLayer - two local and global fintech industry leaders - are excited to work together on new innovation horizons for data and payments combined.

Payment-automation specialist Monoova is helping businesses benefit from the instant, always-on and data-rich capabilities of the New Payments Platform (NPP), driving the digital transformation of large, ongoing transaction flows to make managing business payments easy.

What is PayTo? PayTo transactions are the next big thing in the Australian payments landscape. It will enable a new way to pre-authorise payments from consumer or business bank accounts.

During the pandemic, many Australians have sought to adopt a puppy or kitten. Pets are a great addition to the family and also bring a sunshine of positivity in these uncertain times.

Australians reported almost 4,000 dating and romance scams in 2019 with losses of more than $28.6 million (ACCC, 2020).

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.

Monoova CEO Christian Westerlind Wigstrom explores what happens after payments ‘die’ and move into the background. Like the Uber experience everywhere, all the time. However, progress needs to be made on four fronts in technology if payments are to fade away into the ‘afterlife’.

In October 2019, Monoova – a payments-automation business – made some seemingly damning predictions about its own industry: by 2030, payments as we know it will be dead. Presenting at the Intersekt Fintech Festival in Melbourne, we must have looked strangely excited about our own impending doom.

On Friday 30th of April, FinTech Australia announced the finalists in the Finnies Awards 2021. The Finnies are ‘recognising and rewarding the Australian FinTech community by honouring innovation, growth and collaboration’.

Manual reporting slows all business processes. It’s prone to errors, unaccounted costs, security risks and can be painfully time-consuming.

BPAY is an easy and secure way to send bills, receive payments and pay your suppliers.BPAY manages all your bills with one payment method all through your online banking. You can choose when, how much and from which account to bill payments - whatever works for you

All types of businesses (e.g. start-ups, financial institutions) benefit from continually examining their existing processes. Businesses need to be vigilant in finding out exactly where efficiency gains can be realised.

Since partnering with Monoova, Nudge has experienced some ground-breaking wins:1) Faster payments processing timesThrough Monoova’s ‘Automated Payment Service’ (APS), Nudge has automated several back-end functions and reporting requirements.

The Mandated Payments Service is third-party payment initiation on the NPP. Customers can authorise third parties to initiate real-time payments from their bank accounts via the NPP.MPS is to be combined with consistent customer authorisation and third party payment initiation via the NPP.

Payments processing shouldn’t hold you backProcessing payments manually affects business efficiency. Manual payments are time consuming, prone to errors and don’t include real time payment options.