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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.

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.

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.

It’s difficult to be original. I, too, write lists at the beginning of years with plans, expectations, and aspirations. I, too, was wrong about 2020 as the year of travel and international expansion and so many other things. But there was one thing on my list that I wasn’t wrong about: ‘there is huge opportunity in payments’.

Real-time payments are faster, data-rich and more secure. Cyber security is a high priority for all financial industry players.Globally there has been a rapid need for real-time payments:

Real-time payments (RTP) are electronic payment solutions available 24/7, 365. RTP results in immediate or close to immediate interbank clearing of a transaction and crediting of a a payee’s account. Real-time payments are fast, touchless and also facilitate better data and increased certainty of payment.

Real-time payments (RTP) are electronic payment solutions available 24/7, 365. RTP results in immediate or close to immediate interbank clearing of a transaction and crediting of a a payee’s account.Real-time payments are fast, touchless and also facilitate better data and increased certainty of payment.

Real-time payments enable businesses and financial institutions to process payments seamlessly. It’s ‘always-on’, meaning businesses can make instant payments anywhere and anytime, including weekends and public holidays.

Since integrating with Monoova, Instarem has experienced some ground-breaking wins: 1) New payment methods: Over 50% of Instarem’s customers have now chosen to pay with Instarem’s new PayID option. Customers can now pay through PayID or BSB.

The New Payments Platform (NPP) supports a 24/7 digital economy. It works by moving money in real-time between bank accounts. The NPP gives users faster payments, simpler payment IDs (PayIDs) and more detailed transfer descriptions.

Leading end-to-end payments provider, Monoova has been awarded Best Fintech Payments Provider at the fifth annual Australian FinTech Awards.

We are thrilled to be announced as 2020 Finnies finalists!

CEO of Monoova Christian Westerlind Wigstrom talks to Dexter Cousins, host of FinTech Australia Podcast.

The Coronavirus is forcing us to adapt to new ways of going about our every day, at least for a while. Now more than ever, small businesses need to lower overheads, improve cashflow and look after the health of their customers and staff. How can improving your payments process help achieve this?

For many businesses, keeping track of incoming transactions is a full-time job. It takes time to get paid; it takes additional time to find out that those transactions have been received; and it takes an awful lot of time to track down who paid you when lodgement references have been mistyped or forgotten.

The problem of wasting time and money when managing cumbersome payments and reconciliation processes.