Monoova, the Australian payments automation provider, has merged with foreign exchange organisation, Moneytech FX, to deliver a single platform that enables businesses to consolidate domestic and international payment processes and take advantage of faster cross-border transactions.
The businesses merged under the Monoova brand will be ideally placed to fulfil their mission of automating and streamlining payment processes, with clients able to access a toolkit for domestic and global payment flows through a single API gateway.
“With the new Monoova platform, clients can automate the receipt, payment and management of domestic and cross-border funds – reducing costs and resource requirements and allowing teams to focus on growth and innovation,” says Christian Westerlind Wigstrom, co-founder and CEO, Monoova.
The business – recently named Fintech Organisation of the Year at Fintech Australia’s Finnie awards – aims to reduce the processing time for cross-border transactions involving G10 currencies – the Australian dollar, the Canadian dollar, the Euro, the Japanese yen, the New Zealand dollar, Norwegian krone, pound sterling, Swedish krona, Swiss franc and the United States dollar – from up to three working days to near real-time.
“Our ultimate aim is to make the experience of moving money from Perth to Berlin as easy as moving money from Sydney to Brisbane,” says Westerlind Wigstrom.
Monoova and Moneytech FX are proven performers in the financial technology sector. Over the past five years, Monoova has moved about $50billion through its pioneering domestic-automation platform, serving a growing number of technology-enabled businesses such as Jacaranda, Hnry and Wise.
Moneytech FX has grown rapidly over the last two years and has expanded the features of its platform through multiple integrations, providing a self-managed and fully compliant service to clients. The business has moved about $12billion in cross-border transactions over the last 18 months.
The merged business will be headquartered in Sydney, with 70 team members dedicated to enhancing the client experience by continuing to add features and functionality to the Monoova platform.
Andrew Kilroe, chief vision officer and leader of the FX business, says, “Moving money seamlessly and securely across borders helps clients provide a high-quality experience to their customers and partners in overseas markets and brings financial inclusion to underserved markets. We’re very excited at the opportunity to deliver this capability to the Australian market.”