What you need to know about PayTo

January 18, 2024

Introducing PayTo: Client Experiences and Industry Panel

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 ou own clients who are currently using PayTo, exploring the origins and benefits for both merchants and consumers, first-hand client experiences as well as the considerations for businesses thinking about adopting PayTo.

Watch the full video below:

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If you'd like to learn more about , 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.

Payments

PayTo

PayID

What are virtual accounts?

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A virtual account is a unique account number assigned within a main settlement account. Businesses that have integrated Monoova have virtual account capabilities we refer to as ‘Automatcher’. This is the unique payment destination clients pay their deposits into (either using BSB and account number or PayID). With Automatcher, payments are instantly identified and easy to reconcile because they are matched to a single user.

Payments

Client Success

How Launtel Uses PayTo & Monoova to Keep Australians Connected

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With Australia facing a growing cost-of-living crisis, this case study explores how internet service provider Launtel is stepping up to help Australians navigate the cost-of-living crisis.

Payments

PayTo

PayID

Confirmation of Payee

How Confirmation of Payee (CoP) Protects Australian Businesses

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New to Australia, Confirmation of Payee (CoP) is a name-checking service that lets users verify who they are paying before a first-time domestic payment is transferred between financial institutionsDesigned with businesses in mind, Confirmation of Payee matches banking details against the recipient’s bank records to provide match outcomes and help minimise mistaken payments and exception handling when making payments.

Payments

PayTo

PayID

How Australia's Payments Reforms will Reshape Insurance in 2025

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Our Chief Commercial Officer, David Greene, shares his insights as a keynote speaker at the Future of Insurance Conference 2025 in Sydney. David highlights how insurers can leverage innovative payment technology to maintain competitiveness, boost efficiency, and improve customer experience. The Australian government’s modernisation of the payments system including the phasing out of BECS by 2030 will significantly impact insurers, particularly in operations, compliance, and customer expectations. David explores how Monoova's payment solutions can help insurers prepare for these changes and stay ahead of the curve.‍