Monoova partners with Fastly to enhance payment platform security

6 February 2024: Monoova enhances payment platform security with Fastly

Fastly,Inc., a leader in global edge cloud platforms, today announced it has been selected by leading Australian payments automation provider Monoova to provide enhanced transaction security for the company’s growing client base.

Since it was launched in 2017, Monoova’s proprietary payments platform has processed transactions worth more than $100 billion and the platform handles millions of transactions each month.

Nicholas Tan (pictured), Chief Technology Officer at Monoova, said the decision to deploy Fastly was made following a comprehensive proof-of-concept (POC) trial during which the platform’s performance and scalability were closely examined.

“The POC demonstrated that Fastly could deliver the reliability that we required to support our rapidly growing client base,” said Tan. “We were particularly impressed by Fastly’s capabilities in the areas of both API and web application security as well as in its DDoS (Distributed Denial of Service) protection and SOC expertise.

“Fastly has become our new front door. It handles everything from our API and payments traffic to our public-facing website.”

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Robust security

Tan said Fastly was also judged to be the most appropriate security platform for Monoova because of its support for multi-cloud environments. Monoova delivers payment processing services using a hybrid environment comprising private virtual cloud, public cloud, and third-party cloud resources.

“Fastly allows us to aggregate those resources into a combined management view which is a significant benefit for us,” said Tan. “It gives us a control plane on which we can view all our resources regardless of where they are running.

For our clients, this means they can have access to our secure platform and digitise their entire payments process without needing to introduce any additional manual processes in their back office. Indeed, electronic payments are becoming increasingly instant, which is good for both businesses and their clients. With Fastly, we know we have a secure, high-performance platform that can support this exciting evolution.”

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Future growth

With Fastly now fully deployed, Monoova is well positioned to continue its strong growth rate. As well as supporting traditional payment systems such as BPay and Direct Debit, the company also enables its clients to use Australia’s New Payments Platform services such as PayID and PayTo. Currently, an estimated 10 percent of all PayID merchants are registered with the company, as well as being a leader in PayTo facilitating the more than 70% of all active agreements in FY23.

Derek Rast, Area Vice President for Australia and New Zealand at Fastly, said, “Companies who bring innovation to their industry align culturally with Fastly’s mission to make the Internet fast, safe and engaging. We are excited to see Monoova take advantage of the resilience, security and flexibility Fastly brings to organisations and look forward to supporting future growth of Monoova’s platform in 2024 and beyond.”

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Media contacts:
Michelle Plews, Head of Marketing, Monoova
michelle.plews@monoova.com

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About Monoova
Monoova is one of Australia's leading B2B digital payments providers. It is a pioneer in the Aussie fintech space and was one of the first providers of PayTo (real-time alternative to direct debits). Monoova helps businesses with large, ongoing transaction flows to manage all payments automatically, through one simple API integration. This means significant cost reduction, increased efficiency, speed and enhanced ability to scale. Aside from PayTo, their solutions include enhanced Direct Debit, BPAY, Direct Entry, NPP, and Cross-border Payments.

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