As the financial landscape undergoes transformative changes driven by regulatory shifts, technological innovation, and the pursuit of seamless customer experiences Monoova‘s strategic alignment with these trends positions it as a visionary player within this evolving ecosystem. At the core of its offering, Monoova prioritises understanding its clients on a deep level. By forging strong relationships, harnessing cutting-edge technology, and championing user-friendly transactions, Monoova not only navigates the ever-changing financial terrain but also sets a standard for excellence in catering to modern financial needs.

Dr. Catherine Batch, Payment Consulting Network (PCN), Research Director, had a chat with Monoova’s CEO, Christian Westerlind Wigstrom. This talk came about as Monoova continues to lead the way by rolling out products that focus on making adoption easy, offering frictionless payments, and keeping clients seriously satisfied.

Monoova’s APIs are the building blocks that reshape financial landscapes, fostering agility, efficiency, and customer-centricity. By engaging in dialogue with the CEO, we can unravel the narrative of API-driven transformation and explore how it aligns with businesses’ aspirations. What better way to navigate the intricate terrain of technology-driven financial ecosystems than by conversing with the visionary steering its course?

CB: Could you provide an overview of your business?

CWW: Monoova is a payments-services company based in Sydney. Our payment API can be tailored to how a business collects, settles and disburses funds. It offers real-time NPP payments using PayID and PayTo, as well as traditional payment rails such as BPAY and direct entry. Online card payments will be launching later this year. Our all-in-one platform doesn’t just offer the largest variety of domestic and FX payment options, it also offers solutions to a broad array of use cases: from one-off purchases to ongoing account top-ups and recurrent billing.

“Monoova’s Automatcher solution was the first of its kind in Australia, enabling large-volume instant account creation for our clients along with automated reconciliation.” Christian Westerlind Wigstrom, CEO, Monoova

CB: What payments services do you offer merchants and not-for-profit organisations in Australia?

CWW: Monoova offers access to payment options not easily accessible otherwise. For merchants and not-for-profits, this means benefitting from, say, PayTo, as a very early adopter. This could result in a competitive edge for the merchant.

CB: What do you see as your key strengths with respect to merchant services?

CWW: We have invested in how we work with clients and have a dedicated local support team that’s available to assist them. Our service sets us apart.

CB: What do you see as your key differentiators with respect to merchant services?

CWW: Monoova offers real-time account-to-account payments and automated reconciliation designed to support a merchant’s specific requirements. We were the first to provide PayTo, the new real-time direct debit from the New Payment Platform (NPP) at scale. Monoova’s Automatcher solution was the first of its kind in Australia, enabling large-volume instant account creation for our clients along with automated reconciliation. But we are not blind to the fact that many merchants still require traditional payment rails as they transition to a real-time future. By offering comprehensive options for direct entry, BPAY and – very soon – cards, Monoova builds a bridge to that future.

In addition, Monoova has in-house global payments capability. With that, Monoova can become your single provider to move money domestically and globally.

CB: What were your key achievements over the last 12 months in merchant services?

CWW: In this dynamic environment, the concept of “PayTo” emerges as a revolutionary approach, likely to reshape transactions in the medium term. It becomes an alternative to card-not-present transactions direct debits, BPAY and many other forms of transaction types which we are taking for granted but which leave a lot of room for improvement.

CB: What merchant services innovations do you have on your product/service roadmap for the next 12 months?

CWW: Our card-acquiring offering will be launched in the early part of FY24. This will allow our clients to receive card payments from their customers alongside any account-to-account options they currently are enjoying with us. Having a single payment provider across, for instance, cards, PayTo and direct debits, we think is an attractive way for merchants to keep things simple while allowing for considerable flexibility.

CB: What industry changes or trends do you see occurring over the next 2-3 years that will have a major impact on your business and/or your clients?

CWW: There are two high-level trends that will impact everyone, not just payment companies such as Monoova:

1. Speed. Real-time payments have come a long way since NPP was launched half a decade ago. Increasingly, consumers and businesses have come to expect funds to move instantly. Over the next few years, this will be complemented with increased speed in “ancillary” systems ranging from scam reporting and reconciliation tools to cross-border payments.

2. Data. Already, the newer payment rails such as NPP carry considerable data than direct entry and other payment methods. Combining this with the roll-out of the consumer-data-rights (‘CDR’) regime will lead to better decision making for both consumers and businesses. We will be able to move between service providers more easily to get the best service, and we will be able to control our spending more closely. This offers a competitive edge for merchants in a position to move quickly.

“PayTo isn’t just for recurring payments, there are also opportunities for, say, account top-ups, and one-off payments. Its versatility and security features make it a credible candidate to offer actual competition to most card-not-present transactions in the next few years.”- Christian Westerlind Wigstrom, CEO, Monoova

CB: What key criteria or features should a business consider when evaluating payments service providers?

CWW: At a first glance, a business needs to assess the trustworthiness of the payments service provider. This is an organisation which will hold a business’s funds and play an important part in how the company operates. You want to make sure that this is someone you can work with. Second, a business needs assess the solution: can they actually do what you require? This is not just a question of technology but also of compliance. Is the provider appropriately licenced? Finally, and often forgotten in the context of tech companies, the business needs to make themselves comfortable with the level of service rendered by the people behind the platform. Will someone pick up the phone when I call? Will they understand what I need? Even the most technologically sophisticated payments company with the most impressive compliance record falls short if it doesn’t understand whom they are there to service: you.

CB: What are the opportunities in the PayTo marketplace?

CWW: PayTo isn’t just for recurring payments, there are also opportunities for, say, account top-ups, and one-off payments. Its versatility and security features make it a credible candidate to offer actual competition to most card-not-present transactions in the next few years.

Author: Dr. Catherine Batch, Research Director, Australia, Payments Consulting Network

Dr. Catherine Batch has over 20 years of experience in strategic marketing, product management, and communications. Her experience has been gained working in London, Sydney, and Brisbane in senior management and consulting roles. Catherine has extensive experience in the Australian payments market launching a start-up in 2015 where she managed regulatory requirements, applied for licensing, and developed shareholder agreements.

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Monoova is a member of our Real-time A2A Payments Panel.

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