Monoova Ties with TrueLayer to Introduce Data-Enabled Payments in Australia

B2B payments solution provider Monoova and Open Banking enabler TrueLayer have announced the launch of data-enabled payments in Australia using the Customer Data Right.

The companies have invoked the benefits of the combination of CDR data with payments start when onboarding customers and continue through the procure-to-pay process at the time of invoicing. This setting, according to company officials, is boosted in the context of setting up recurring payments for regular periodical subscriptions or an ongoing commercial supply arrangement.

Facilitated by TrueLayer, an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission, Monoova’s clients will benefit from customer-permissioned bank data obtained in accordance with the CDR Rules to empower one of the biggest use cases for Open Banking data in Australia – namely, payments.

The parties set out to collaborate on use cases for data enabling payments process innovation including faster customer onboarding, account verification, balance checks, and verified instant payouts and withdrawals for ecommerce, wealth, and gaming apps.

(Source: The Paypers)