Monoova deal signals real-time payments momentum
While data remains largely anecdotal, a raft of new deals suggests the NPP's fledgling PayTo feature is gaining traction and accelerating the take up of real-time payments.
There are further signs of momentum in the take-up of real-time payments in Australia with one of the leading fintechs in the space, Monoova, inking a deal with a major global insurance platform.
Capital Gains can reveal Monoova will become a global alliance partner with Guidewire, the cloud-based property and casualty insurance platform.
Monoova said as part of the collaboration it will introduce new integrations for instant account-to-account options PayTo and PayID, features of Australia’s real-time New Payments Platform (NPP). It will still facilitate traditional payments like direct debits, which will be phased out when the Bulk Electronic Clearing System (BECS) is retired in 2030.
Insurance is seen as a particular opportunity for institutional account-to-account payments using PayTo, as that should provide greater security of payment and premiums for the insurer and insured.
