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How Instarem unlocks growth & efficiencies with Monoova

March 6, 2024
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“We're all about real-time payments globally. Monoova really helps us be able to collect those funds from where customers are sending those funds in a transparent and very instant manner, gives us complete access to the NPP, as well as help disperse those funds on behalf of inbound transactions into Australia as well.”

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Michael Minassian, VP & Regional Head of Instarem, APAC, NIUM

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Case Study: Real-time payments for Instarem

Founded in 2015 and headquatered in Singapore, Instarem enables customers to securely and conveniently remit and collect money all around the world – with over 60 different countries for individuals and for small business nearly 200 countries. Faced with operational challenges such as delayed payments, manual reconciliation and costly card processing fees, Instarem turned to Monoova to provide a seamless solution for their business needs.

Watch the case study below:

The results

  • Over 90% of payments are going through PayID
  •  Reduced transactions times from 1-2 business days to real-time with NPP
  • Virtual account creation and instant reconciliation of transactions have enabled substantial cost and resource savings for their back office
  • Simple integration compared to previous providers

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‍Unlocking real-time payments

With Monoova, Instarem gained access to the New Payments Platform (NPP) for real-time payments for both collection and disbursement of funds which has been a gamechanger for their business.

Instarem is seeing over 90% of customer payments going through PayID. PayID provides an easier way for customers to send and receive money, removing the need to use lengthy BSB and account numbers, and has seen increased adoption in recent years.

Transactions are tracked through instant push notifications via API providing greater transparency in the payments process for both Instarem and their customers.

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Saving hours and resources with instant reconciliation

Monoova’s ability to create unlimited virtual accounts to customers alongside instant reconciliation of those accounts has resulted in productivity and efficiency gains for Instarem.

“The efficiencies we've been able to have in our back office in terms of reconciliation when funds come in, to allocate those two accounts for the oversight and screening that we're able to do, allow us to really reduce the lot of costs in our back office, but more importantly, get funds.”

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Collaborative approach to compliance

“Monoova understands our business and businesses like us. They really came to work with us to understand what controls we have in place and we're proud of our compliance record. We're really proud of the fact that we're able to protect our customers' funds and we're compliant in over 40 different countries globally. I think the collaboration we've had with Monoova on the compliance front has also been a real added value of this relationship.”

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If you'd like to learn more about our payment solutions, get in touch with one of our team today.

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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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