Monoova says that, as the latest member of the very small group of non-bank Identified Institution to be enabled on the NPP, it will now be able to add real-time account payables and receivables functionality to its enterprise-level payments solution.
Head of Monoova, Christian Westerlind Wigstrom, said that by fully automating how funds are received and managed, business can focus more time on what they are there to do: servicing their customers.
“The NPP holds the key to great customer experiences by making payments happen successfully and invisibly. No longer will businesses have to mobilise armies of bookkeepers and wads of spreadsheets to track incoming and outgoing payments. Most importantly, there is no need for businesses to hold off growth because they can’t manage the flow of funds.”
“As an NPP participant we’re focused on enabling organisations as Identified Institutions and providing wholesale access to the NPP through our REST APIs,” said Nathan Churchward, Head of Product at Cuscal.
“As an Identified Institution, 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.”
Through Monoova, a single API integration provides scaling businesses with the ability to exchange payment information and instructions, issuing unique account identifiers and PayIDs to fully automate how funds are received and managed in real-time.
Cuscal says that additional real-time payments functionality, including payment initiation, will be progressively introduced.
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.
Monoova says that a number of its business clients have commenced end-to-end testing of real-time payment capabilities within its 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.