Monoova and the NPP: Reimagining the real-time reconciliation of Accounts Payable and Accounts Receivable

Monoova and the NPP: Reimagining the real-time reconciliation of Accounts Payable and Accounts Receivable

Payment-automation specialist Monoova is helping businesses benefit from the instant, always-on and data-rich capabilities of the New Payments Platform (NPP), driving the digital transformation of large, ongoing transaction flows to make managing business payments easy.

As one of a very small group of payment service providers to be enabled on the NPP, Monoova recognised the potential of this transformative piece of payments infrastructure early, innovating on top of Cuscal’s NPP solution and leveraging the platform’s capabilities to help businesses manage their payment workflows more effectively. Fully automating how business receive, make and reconcile payments in real-time.

Automating the way money moves

Rolling out real-time payment capabilities in September 2019, Monoova has leveraged Cuscal’s NPP APIs and services to integrate real-time payments with their proprietary Automated Payment Service (APS).

A single integration with the APS platform provides scaling businesses with greater visibility and control over their incoming and outgoing payments, with the ability to exchange payment information and instructions in real-time. The optimisation of payment workflows has been a specific focus for Monoova to make managing business payments easy through enabling automated, real-time reconciliation of real-time receivables by issuing unique account identifiers and PayIDs to clients who, in turn, can associate these identifiers with individual customers.

This holds the key to improving both the experience of Monoova’s clients’ customers and the client treasury teams, making payments happen successfully and invisibly, with automated reconciliation to track incoming and outgoing payments to better manage the flow of available funds.

Since connecting to the NPP through Cuscal, Monoova’s growth has been double initial estimates and that trend shows no sign of slowing down with clients valuing the real-time processes that Monoova has enabled for both receivables and payables, automating manual processes that can be an obstacle to growth.

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