Monoova and TrueLayer to launch data-enabled payments in Australia using the Consumer Data Right

Monoova, a leading B2B payments solutions provider, and TrueLayer, a global leader in open banking, are partnering to harness financial and identity insights using Australia’s Consumer Data Right (CDR) for smarter, faster, data-enabled payments in the Australian market.

The benefits of the combination of CDR data with payments start when onboarding customers and continue through the procure-to-pay process at the time of invoicing, and are especially powerful when setting up recurring payments for regular periodical subscriptions or an ongoing commercial supply arrangement.

“Conventional payments 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,” says 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,” he continues. “But the real game-changer here is using CDR data to reduce the risk of failed payments altogether. That saves businesses time and money.”

“We are excited to work with TrueLayer because we already have customers in common who could benefit from us working together to solve problems for them. We’re breaking new ground here in Australia by using CDR to improve payments. TrueLayer has proven credentials in open banking and payments from overseas markets, and that experience is hugely valuable for Monoova,” added Mr Westerlind Wigstrom.

Facilitated by TrueLayer, an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission, Monoova’s clients will benefit from customer-permissioned bank data obtained in accordance with the CDR Rules to empower one of the biggest use cases for open banking data in Australia – namely, payments.

“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, so we’re hugely excited to be working with a paytech leader like Monoova,” continued Mr Charnley. “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.”

The parties look forward to a long and successful collaboration empowering innovative use cases for data plus payments including faster customer onboarding, account verification, balance checks, and verified instant payouts and withdrawals for e-commerce, wealth and gaming apps.