Monoova, a leading fintech in Australia, has partnered with global insurance platform Guidewire to enhance real-time payment capabilities through PayTo and PayID, features of Australia’s New Payments Platform (NPP).
This collaboration aims to streamline institutional payments, offering greater security for insurers and insured parties. The partnership follows a similar deal between UK-based fintech GoCardless and ICE InsureTech, highlighting a growing trend in the insurance sector towards faster and more seamless payment solutions.
Although the adoption of PayTo is increasing, challenges remain, such as customer awareness and the reliability of merchants. Despite these issues, the Reserve Bank of Australia and industry players remain committed to the development and implementation of real-time payments. This momentum is expected to address significant industry challenges, including payment reconciliation and delays between claims acceptance and payments.
Read the full story on Capital Brief by Andrew Cornell for an in-depth analysis.
