Blog

The Australian banking ecosystem is undergoing a technical transformation. With the rollout of the NPP and the upcoming retirement of the BECS system in 2030, both businesses and consumers are getting accustomed to the new ways of doing things. One of the most innovative introductions is PayTo, a real time payment rail that allows for consumers to authorise recurring or one off payments of fixed and variable sums all while controlling the agreement

Reconciliation is a huge part of any finance team’s time, especially at the end of a financial period. Manual processes introduce the risk of human error, both on the side of the payments being made, and payments being received and allocated, causing headaches for everyone involved.‍ Explore how Monoova's reconciliation rules can reduce admin and bring efficiencies to your business.

Monoova recently held a panel discussion with payment experts and industry leaders on how payments can enable change, transformation and drive business growth. Panelists from Australian Payments Plus, Cuscal and Hnry share their commentary on how payments can drive value for consumers and businesses alike.

David Greene, Chief Commercial Officer at Monoova shares his top payment strategies for real estate agents to improve their bottom line.

What is PayTo? How does it work? We answer the most frequently asked questions surrounding PayTo. PayTo is a new, digital way for merchants and businesses to initiate real-time payments from their customers’ bank accounts.

From unmatched payments experience to world class technology and finally the people at Monoova, explore what led Stables to choose Monoova to power their payments.

We interviewed our own CEO and Co-Founder of Monoova, Christian Westerlind Wigstrom, on what Monoova does, how we help clients and what's in store for us in the future.

Monoova have been awarded the Excellence in Payments winner for The Finnies 24! 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.

Learn how cross-border payments platform, Instarem, uses Monoova’s API to deliver payments at speed, automate reconciliation and enhance their customer experience through transparency of payment outcomes.

Businesses across Australia in a wide range of industries, including travel, financial services and lending, and healthcare are embracing the efficiency and convenience that PayTo offers. We asked some of our clients to share their experience and the tangible benefits of PayTo.

Learn how cross-border payments platform, Instarem, uses Monoova’s API to deliver payments at speed, automate reconciliation and enhance their customer experience through transparency of payment outcomes.

Rosie Slaughter, Senior Growth Manager at Monoova, shares her own experiences with childcare payments and how Monoova can address the current challenges faced by centres as well as childcare management platforms.

In 2023, we saw the launch of PayTo, a new digital payment solution that enables businesses to initiate real-time payments from their customers’ bank accounts and gives consumers increased visibility and control over their payments from their banking app. Currently, Monoova is one of the largest issuers of PayTo agreements in Australia. Monoova hosted a panel discussion with commentary from both leading industry experts and clients who are currently using PayTo, exploring the origins and benefits for both merchants and consumers, first-hand client experiences as well as considerations for businesses thinking about adopting PayTo.

In the fast-paced world of lending cash flow is king. Prompt payment collection improves cash flow, which can lead to increased revenue. Your ability to operate smoothly and grow your business depends on the repayments from your borrowers. But what happens when those payments are delayed?

"Without the API that Monoova provides, things like BPAY, direct debits, bank transfers, we would have to integrate and build all the componentry around it individually. With Monoova, we can just plug into 1 API and we can gain all that functionality. So there's a lot of cost saving in the go to market process for us rather than having to build all supporting infrastructure around those processes." Tristan Dakin, Country Manager, Australian & New Zealand explains how Monoova has been instrumental in providing the key payments infrastructure to send money internationally for their Australian clients.

In this week’s widespread Optus outage, it was interesting to see how PayID was a fallback payment method for savvy small businesses whose point of sale terminals were rendered useless. But PayID, and its sister PayTo, offer more than just a lifeline when connectivity is disrupted. Real-time account-to-account transfers, can offer valuable benefits that keep businesses running and money moving including: - Lower transaction costs - Enhanced security - Accessibility and versatility

"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.

The wagering industry is a dynamic and ever-evolving space, particularly in Australia, where sports betting is deeply ingrained in the culture. Expected to reach $155 billion globally by 2024*, the industry is on an upward trajectory fuelled by technological advancements. We examine the history of payments in the industry and what the future holds.

PayTo is not a solution for the future, it’s a solution for now. ANZ, CBA, Westpac and more recently NAB have all switched on PayTo so we've put together a handy list of banks that are currently live with PayTo.

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.

The theme for this year's International Women's Day is "Cracking the Code: Innovation for a gender equal future". We asked a couple of our amazing team to share what this means to them, how we're achieving diversity in the workplace and reflect on their experiences as women working in tech.

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.

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.