For Monoova clients, the new collaboration will introduce changes to the speed and quality of services such as customer onboarding, invoice processing and coordination with financial institutions. This will be achieved through TrueLayer’s open banking offering, collecting and analysing customer financial and identity insights in line with the Consumer Data Right (CDR) Act of Australia.
UK-based TrueLayer is authorised to operate on Australian soil as an Accredited Data Recipient by the Australian Competition and Consumer Commission.
Reducing the risk of failed payments
Founded in 2017 as part of the Moneytech Group, and previously known as Moneytech Payments, Monoova had a mission to automate how businesses receive, manage and pay funds.
“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,” says 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.”
Working together to improve customer experience
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,” says Brenton Charnley, CEO Australia and 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.”
Founded in 2016, TrueLayer is trusted by millions of consumers and businesses around the world, with the vision to create a financial system that works for everyone. It is a global open banking platform that aims to make it easy for anyone to build better financial experiences. Businesses of every size, from startups to large enterprises, use TrueLayer to power their payments, access financial insights, and onboard customers across Europe, the UK, and Australia.
“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.”
- The evolution of payments: impacts on customer experienceFinancial Services (FinServ)
- Financial wellbeing startup Mintago secures growth fundingFinancial Services (FinServ)
- Fintech Apron aims to remove friction in SME invoicesDigital Payments
- Atlantic Money: What does PYUSD mean for crypto?Financial Services (FinServ)