Fintech app Wagepay has partnered with B2B payments provider Monoova in Australia to switch on PayTo for real-time customer payments.
Sydney-based Monoova was one of the first payment initiators to go live with PayTo – a way to pre‑authorise one-off and recurring payments from bank accounts.
Built on Australia’s 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.
Monoova’s API-driven payments platform allows tech-enabled businesses such as Wagepay to automate how they receive, manage and pay funds.
In the first three weeks of going live, more than 3,000 PayTo agreements were issued by Monoova to Wagepay customers. Tony Chan, Wagepay’s founder and CEO, says its customers are “jumping straight in”.
“They are moving away from direct debits,” he said. “We see clear benefits in moving our customers onto PayTo so they can enjoy better visibility and control over their money. For us as a business, reconciliations are easier too, so PayTo is a much better user experience for everyone.”
Monoova’s CEO Christian Westerlind Wigstrom, added: “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 we think of debits in Australia. It also offers an interesting alternative to card schemes.
“For customers, creating a PayTo agreement is a fully digital experience that permits visibility and control from within your bank’s app or internet banking. With just a few clicks, you can pause, vary or cancel a payment agreement.”
Wage streaming
With Monoova, Wagepay ensures “at least 99.9 per cent of its customers receive their funds in less than a minute”. It has now processed more than one million registration applications in real-time and is sustaining a compound annual growth rate of 260 per cent per annum in top-line revenue.
“Wagepay is committed to destigmatising wage streaming,” says Chan. “We’re giving everyday Australians realtime access to their wages and trying to improve their financial wellbeing. To that aim, we’ve launched dynamic pricing, bank transaction score tracker and credit score tracker features already. Moving to PayTo aligns with our customer care goals and enables us to offer a better service.”
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