When the New Payments Platform (NPP) rolled out on Tuesday, 13 February 2018 uptake was gradual as financial institutions rolled out NPP payment functionality to different customer segments and channels. However, as real-time payments have become more ubiquitous and innovative payment service providers have been enabled on the NPP, the growth trajectory of the platform has gone from strength-to-strength.
As one of a very small group of payment service providers to be enabled on the NPP, payment automation specialist Monoova recognised the potential of the platform early, partnering with Cuscal to access the platform and automate many of the manual processes that occur ‘before’, ‘after’ or ‘around’ payments which can be an obstacle to growth for scaling businesses.
From mid-2022 the next phase of growth for the platform commences with the launch of PayTo, enabling a broad range of use-cases which will provide a springboard for future payments innovation. Once again Monoova will be at the forefront of NPP-enabled innovation, with Monoova’s clients to be amongst the first in Australia to be able to initiate payments from a funding account with the payer customer’s authorisation.
This case study looks at how Monoova has innovated on top of Cuscal’s NPP and PayTo solutions to bring to life truly unique propositions that make managing business payments easy, providing clients with access to a true end-to-end payment automation solution that leverages all the capabilities of the NPP as well as Cuscal’s scale, expertise and trusted industry position to initiate, process and receive real-time payments.