Remittance services provider Remitly Global has teamed with Australian B2B paytech developer Monoova to roll out a new near-real-time international payments capability.
Leveraging Monoova’s PayTo integration, Remitly customers in Australia will be able to send funds to the Philippines, India, Pakistan, and Nepal “within minutes – and in some cases, nearly instantly”, the pair say.
Kym Whitford, Remitly’s head of Asia Pacific, said the integration of Monoova’s real-time PayTo system – which supports business and account-to-account payments made through Australia’s fast payments rail, the New Payments Platform (NPP) – would “[enhance] the way our customers in Australia send money, providing a great option for fast, reliable, and affordable transfers.”
“This is another exciting step forward in keeping them connected, no matter the distance,” Whitford said.
Monoova co-founder and chief executive Christian Westerlind Wigstrom noted the benefits of leveraging PayTo for payments processing, which he said “offers a wide range of benefits across use cases”.
“Monoova is excited to be contributing to the ease with which Remitly’s customers support their loved ones by providing the infrastructure to speed up transactions and reduce fees.
According to the most recent World Bank figures, Australia is among the top 20 remitting nations in the world, with more than US$10.3 billion (AU$16.2 billion) paid out from the country in the 2023 calendar year. This is up considerably from the previous year, where US$6.5 was remitted from Australia.
Monoonva notes that NPP adoption is accelerating in Australia, with over 140 million transactions processed each month.
“As digital payment adoption accelerates in Australia, innovations like PayTo are setting a new standard for speed, security, and affordability in cross-border money transfers,” Monoova wrote. “With shared values and deep expertise, Remitly and Monoova are hoping to shape the future of international payments, making it easier for families to stay connected, no matter the distance.”
Founded in 2011, the Nasdaq-listed Remitly is a US-based global remittance service, operating across more than 170 countries. The service counts more than 7.8 million quarterly active customers and processed more than $55 billion in payments in the 12 months to the end of 2024.
Launched in 2017, Monoova is an Australian payments technology and API developer, and among the first payments providers to deliver PayTo rollouts at scale. The paytech boasts that it is responsible for the majority of all PayTo agreements – a debit transaction arrangement, which authorises merchants to withdraw funds from customers bank accounts.
