back Back

Monoova and TrueLayer to launch data-enabled payments in Australia

By Leandra Monteiro

May 13, 2022

  • Australia
  • B2B Payments
  • Consumer Data Right
Share

TrueLayer, Monoova Monoova, a B2B payments solutions provider, and TrueLayer, a global leader in open banking, are partnering to harness financial and identity insights using Australia’s Consumer Data Right (CDR) for smarter, faster, data-enabled payments in the Australian market.

The benefits of the combination of CDR data with payments start when onboarding customers and continue through the procure-to-pay process at the time of invoicing and are especially powerful when setting up recurring payments for regular periodical subscriptions or an ongoing commercial supply arrangement.

“Conventional payments processes typically involve possible human error when entering BSB and account number details, the inconvenience of waiting three days just to find out that a payment was dishonoured, and a risk of fraud,” said Christian Westerlind Wigstrom, Co-Founder and CEO of Monoova. “Most of this goes away with the new real-time PayTo transaction type. For instance, you are immediately notified if a transaction fails. That’s a huge advantage over direct debits,” he continues. “But the real game-changer here is using CDR data to reduce the risk of failed payments altogether. That saves businesses time and money.”

“We are excited to work with TrueLayer because we already have customers in common who could benefit from us working together to solve problems for them. We’re breaking new ground here in Australia by using CDR to improve payments. TrueLayer has proven credentials in open banking and payments from overseas markets, and that experience is hugely valuable for Monoova,” added Westerlind Wigstrom. 

Facilitated by TrueLayer, an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission, Monoova’s clients will benefit from customer-permissioned bank data obtained in accordance with the CDR Rules to empower one of the biggest use cases for open banking data in Australia – namely, payments.

“The benefits of combining data with payments extend to all kinds of payments, whether one-off or recurring,” said Brenton Charnley, CEO Australia & New Zealand of TrueLayer. “Some of the biggest benefits will be for higher value and higher risk transactions such as buying a car or a boat, investing in shares or crypto, and cross border remittances.”

“Payments is the newest and biggest use case for CDR, so we’re hugely excited to be working with a paytech leader like Monoova,” continued Charnley. “The better the information you have about your customer, the better you can serve them. In the case of payments, this means knowing the identity of the payer and payee, having the correct bank account information, checking the balance is sufficient, and understanding insights into financial behaviour. Put simply, CDR is the best way to get all this information – it’s real-time, secure and permissioned, with strict privacy controls in place.”

Previous Article

May 13, 2022

Al Fardan Exchange launches domestic workers salary payment services across UAE

Read More
Next Article

May 13, 2022

DigitalBits Blockchain goes live on Fireblocks

Read More







Advertise with us



IBSi Daily News Analysis

Fintech

July 06, 2022

Australia

As cost-of-living crisis bites, how can financial services support their customers?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 06, 2022

Chip enhances savings experience with TrueLayer Payments

Read More

July 06, 2022

Seedrs selects Form3 and LHV UK to support instant and faster payments

Read More

July 06, 2022

Fable Fintech forays into Bahrain with Batelco Financial Services

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022