Monoova and TrueLayer to use CDR to improve payments

  • By Zilla Efrat

Australian B2B payments solutions provider Monoova and open banking platform TrueLayer are partnering to harness financial and identity insights using Australia’s Consumer Data Right (CDR).

“We’re breaking new ground here in Australia by using CDR to improve payments,” says Christian Westerlind Wigstrom, co-founder and CEO of Monoova.

“The real game-changer here is using CDR data to reduce the risk of failed payments altogether. That saves businesses time and money.”

TrueLayer will facilitate the local open banking connectivity of Monoova’s payments platform to use CDR for consented financial and identity insights to create smarter payments that also offer a better customer experience.

“Conventional payment 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,” explains 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.”

Westerlind Wigstrom says Monoova and TrueLayer already have customers in common who could benefit from the two companies working together to solve problems for them.

“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. 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.”