Monoova and TrueLayer will launch data-enabled Payments in Australia

Monoova a leading B2B payments solution 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 combination of CDR and payment data has numerous benefits. They are useful when customers are initially onboarded, continue through the procure–to-pay process at invoicing and can be used to set up recurring payments for periodic subscriptions or a continuous 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,” Christian Westerlind Wigstrom (Co-Founder and CEO at Monoova) “Most of this goes away with the new real-time PayTo transaction type. You are immediately notified when a transaction is unsuccessful. 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,” Mr Westerlind Wigstrom was also added.

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 & 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 Mr Charnley “The better the information you have about your customer, the better you can serve them. This includes knowing the identity of the payer or payee, the bank account information, the balance, and insights into financial behavior. 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.”

Both parties are looking forward to a long, successful collaboration that allows for innovative use of data and payments. This includes faster customer onboarding, account verification and balance checks, as well as verified instant payouts for e-commerce and wealth apps.

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