Monoova
Transforming B2BPayments with Automated Solutions

The payment industry has always been at the forefront of innovation. The appetite of both businesses and consumers for alternatives to traditional payment options has been the driving force for continuous transformation. To this end, real-time payment solutions are emerging as the alternative for banks, fintechs, and non-banking entrants to elevate customer experiences to the next level. Christian Westerlind Wigstrom, CEO at Monoova, says, “If we look at the evolution of payments in the last four decades, it is not hard to extrapolate that, within the next decade, the experience of physically paying will almost disappear from our day-to-day lives.”

However, delivering a seamless and intuitive payment experience requires an increasingly complex system that can be arduous for businesses to accommodate, be it a startup, small business or enterprise. This is where Monoova fits in. The Sydney-based company enables businesses to manage all incoming and outgoing transactions automatically, with one single API integration. The company’s platform supports a variety of payment rails, as dictated by clients’ business requirements, including Direct Entry, BPAY, real-time gross settlement (RTGS), and NPP. “We are a market leading B2B-payments solutions provider that allows our clients to automate how they receive, manage and pay funds across multiple payment rails,” states Westerlind Wigstrom.

Monoova’s platform acts as a one-stop-shop for its clients, offering the ability to access statements and reports, receive callbacks, query account balances, and streamline other business-critical functions for real-time visibility.

Moreover, for automatic reconciliation of payments, Monoova’s exclusive Automatcher solution combines real-time receivables with real-time reconciliation; it enables clients to create and assign unique account numbers and PayIDs for each of their customers. In addition, Automatcher also allows clients to instruct Monoova to automatically disburse the received funds to beneficiaries without any manual intervention.

This holds the key to improving the experience of clients’ customers as well as the clients’ own treasury teams-making payments happen invisibly and in real-time, with automated reconciliation to track incoming and outgoing payments for efficient management of available funds. In addition, Monoova’s Foreign Exchange solutions extend their reach to power payments that cross borders, offering an unrivalled end-toend payment solution, locally and internationally.

The company follows a comprehensive onboarding process and understands clients’ business processes thoroughly before deploying its solutions.

Companies across a large range of industries from real estate, utilities, consumer lending, foreign exchange, insurance, payroll and accounts, just to name a few have leveraged Monoova’s solutions to transform their payment capabilities. An instance that captures this sense of efficiency is Hnry, a New Zealand-based all-in-one accounting service provider that manages financial administration for contractors, freelancers, sole traders, and the self-employed. Monoova helped Hnry scale in the Australian market, and thereby ease the tax and financial burden for hundreds of thousands of selfemployed Australians.

Monoova believes that the payment industry will be moving away from push transactions such as bank transfers towards wholesale adoption of smart, real-time versions of direct debits, so-called ‘pull transactions’. “Pull transactions have the potential to be safer, faster and cheaper than traditional push payments”, according to Westerlind Wigstrom. To this end, Monoova is launching a new set of features mid-2022 based on the new industry initiative ‘PayTo’. As a result of industry-wide infrastructure investment, PayTo will enable businesses to debit their customers’ bank accounts in real time subject to their customers’ authorisation. PayTo will support a diverse range of payment use cases and will provide businesses and consumers a genuine real-time account-to-account payment alternative to direct-debit arrangements. This will overcome the friction experienced today with existing methods of delegated payment authority. “PayTo is going to be a real watershed moment in Australia, and Monoova is going to be one of a really small number of payment solutions providers that makes it available on day one when the new infrastructure goes live,” informs Westerlind Wigstrom.

With its innovative products, the company plans to broaden its client base beyond technology companies and venture into many more industries, in order to help stakeholders manage their funds and payment workflows much more efficiently. “We will continue to innovate more pioneering products in order to help our clients improve their bottom line as well as their customer experience,” concludes Westerlind Wigstrom.