Monoova enables PayTo payment method for Wagepay

Friday 24 February 2023 08:09 CET | News

Australia-based fintech Wagepay has switched on PayTo for real-time customer payments in partnership with payment service provider Monoova.


Spearheaded by the Reserve Bank of Australia, PayTo is a fast and data-rich service suitable for both one-off and recurring payments. Over time, it is expected that PayTo will replace several current payment methods such as traditional direct debits and online card payments.

Wagepay enables PayTo through  Monoova

Customers benefit from instant clearing of payments

Built on the New Payments Platform’s real-time infrastructure, PayTo debits are actioned and cleared instantly, which means that merchants do not have to wait days before money arrives, as is currently the case with direct debits. The immediacy and transparency of the experience also delivers confidence to consumers that they have paid their bills in the right amount at the right time.

Already, existing customers of Wagepay are being encouraged to create a PayTo mandate. In the first three weeks of going live, more than 3,000 PayTo agreements were issued by Monoova to Wagepay customers.

Wagepay’s representatives said that their clients are jumping straight in. They are moving away from direct debits. Now we really just need more banks to enable PayTo.

Richer insight into payments is made available

Additional features of PayTo include stronger consumer controls and visibility of their active PayTo agreements/mandates, automated and versatile payment agreements, and more data, creating a better experience for both consumers and merchants.

According to Wagepay, they see clear benefits in moving customers onto PayTo so they can enjoy better visibility and control over their money. For them as a business, reconciliations are easier too, so PayTo is a much better user experience for everyone.

Increasingly sophisticated payments options like PayTo have the potential to revolutionise how merchants, lenders, and other businesses handle large volumes of payments.

Better cashflow management

Monoova’s officials said that for businesses, PayTo improves cash flow with real-time transactions and funds verification. Receiving cleared funds straight away is a big change to the way they think of debits in Australia. It also offers an interesting alternative to card schemes.

Ahead of the curve, Monoova was one of the first payment initiators to be ready with PayTo in August 2022 and Wagepay is one of Monoova’s first clients to go live.

The payment service provider added that for customers, creating a PayTo agreement is a fully digital experience that permits visibility and control from within one’s bank’s app or internet banking. With just a few clicks, one can pause, vary, or cancel a payment agreement.

Monoova’s API-driven payments platform allows tech-enabled businesses such as Wagepay to automate how they receive, manage, and pay funds. Though this partnership, Wagepay also ensures at least 99.9% of its customers receive their funds in less than a minute.

What does Wagepay do?

Wagepay is a fintech app that enables individuals to access a portion of their earned wage prior to payday. Wagepay’s mission is to bring financial freedom to everyone. It uses advanced risk analytics to ensure that its customers can access at a unique low fee that reflects their dynamic bank score. The app has had more than 300,000 downloads.

More information about Monoova

Monoova is a leading Australian B2B payments solutions provider. They make it possible for organisations to accelerate and automate how they receive, manage, and pay funds across multiple payment methods. This delivers significant cost reduction, increased efficiency, and enhanced ability to scale.

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Keywords: payment methods, instant payments, real-time payments, partnership, cash flow, data
Categories: Payments & Commerce
Companies: Monoova, Wagepay
Countries: Australia
This article is part of category

Payments & Commerce




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