Monoova partners with Cuscal in NPP addition

  • By Kate Weber

Payments provider Monoova, and Cuscal, announced the rollout of the New Payments Platform (NPP) payment capabilities to Monoova’s Automated Payment Service.  

The move will make reconciliation, exception handling and reporting for NPP payments available in a single integration, alongside other payment channels such as Direct Entry and BPAY. 

Through Monoova, a single API integration provides businesses ability to exchange payment information and instructions, issuing unique account identifiers and PayIDs to fully automate how money is received and managed in real-time. 

Head of Monoova, Christian Westerlind Wigstrom said the company is expected to go live with NPP payables in November.

Monoova will also release a new banking portal on the 12th of October.

“We have clients working with us already for NPP receivables which is the first thing that will come into production and be live with our clients.”

Additional real-time payments functionality, including payment initiation, will be progressively introduced.  

Westerlind Wigstrom, said that by fully automating how funds are received and managed, business can focus more time servicing their customers.

“If you are a business servicing customers then you want to make sure that your customers get the best possible service and that they stay very happy. 

“Payments is no longer seen as a separate experience. It's a part of the consumer experience. 

“Being able to service your customers in a way that they expect to be serviced, and that includes super-fast payments, is going to be absolutely critical to a successful business of any kind.”

Growing customer expectations have also created the need for businesses to adopt the NPP as the Reserve Bank of Australia reported in the bank’s Retail Payments Statistics Collection.

The total monthly number of NPP payments reached around 13 million in January 2018, more than double the monthly number of cheque payments, and the value of NPP payments was around $11 billion. 

“The way that people expect their money to move is increasingly the way that they expect their information to move. So just like you can send an email and it's real time it's digital and happens right away, people expect their money to move the same way.”

Small business especially will benefit from the addition of the NPP as it will create a more even playing field against larger corporations. 

“What's exciting with NPP is that a lot of our existing clients are going on desperate to get onto the platform because it’s provides an opportunity for them to serve their customers even better.”

In the upcoming months Monoova also will continue to grow their initiatives across the globe said Westerlind Wigstrom. 

“We have a longstanding relationship with both AliPay and WeChat and service some of their local partners in Australia. 

“We have a number of initiatives around that which is going to make it even easier for our clients to service customers from all parts of the globe.”

Partners in Payments

Westerlind Wigstrom said the Cuscal partnership will help deliver ‘invisible payments’ to clients.

Head of product at Cuscal, Nathan Churchward, commented, “As an NPP Participant we’re focused on enabling organisations as Identified Institutions and providing wholesale access to the NPP through our REST APIs.” 

“Monoova is extending the benefits of receiving and managing real-time payments to other businesses through a single API integration with their Automated Payment Service. 

“This is proof that the open access design of the NPP is working to facilitate fair access to the platform, driving competition and innovation.”  

A number of Monoova’s business clients have commenced end-to-end testing of real-time payment capabilities within Monoova’s development sandbox, with access to the live environment expected to be progressively granted over the next month. 

“At Monoova, we’re all about freeing businesses to scale. We continue to enhance and grow our offering to make it easy, seamless and stress-free for businesses to pay and be paid,” Westerlind Wigstrom said.