SYDNEY, March 12, 2024 /PRNewswire/ -- Australia's leading B2B digital payments provider Monoova has strengthened its leadership team as the Australian digital payments market is set to soar to $240.75 billion in transaction value in 2024.

Monoova has made two senior executive appointments to support further growth initiatives. Recent strategic partnerships with Australia's newest airline Bonza, and payment orchestrator Primer, are examples of how the company is collaborating to offer new payments functionality to a broader market. 

David Greene has been appointed as Monoova's new Chief Commercial Officer, tasked with driving commercial and marketing strategy, and dramatically scale operations. He brings 15 years' experience in the financial services sector and a wealth of payments-domain expertise, with leading roles in global business-development teams at April Solutions, Hyperwallet and PayPal prior to joining Monoova.

Formerly Head of Legal at Monoova, Shen Yin was appointed late last year to her new role as General Counsel and Company Secretary. She is responsible for legal matters as well as offering guidance to manage risk in the context of regulatory change as the company grows, including most recently the proposed payments licensing framework reform. She brings over 14 years' experience in the financial services industry having previously worked at other fintechs as well as Westpac, Baker & McKenzie and KPMG.

Monoova has been a pioneer in the payments industry since its inception, supporting clients and partners with the automation of account to account (A2A) transactions. Its solution set provides a single connection via API to A2A transactions, in addition to cross border transactions, and newly introduced card-acquiring capabilities.

With innovation at its core, Monoova was one of the first payment-services providers to launch real-time payments, and it is currently the largest facilitator of PayTo, the new, real-time payment alternative set to replace traditional direct debits.

Payments made in real time solve speed and transaction challenges faced by consumers and businesses. Bilateral communication through integrated information flows, instant payment confirmation notifications, and final settlement of payments leads to faster cash flows for business and a better payment experience.

With 92 percent of businesses and 82 percent of billers expecting to see customer-service levels increase as a result of real time A2A payments, the benefits of improved financial control, cash positioning, and liquidity management are now in reach.

As one of the first payment service providers to be a New Payments Platform (NPP) Identified Institution, Monoova was also an early mover in rolling out the associated identifier technology, PayID, which enables its clients to issue aliases to their customers to make and receive NPP payments and facilitate fully automated reconciliation.

As Monoova continues to pioneer advancements in the fast-growing digital-payments space, the industry expertise and growth mindset of the Monoova leadership team will be critical to maintaining its market leadership status, according to CEO Christian Westerlind Wigstrom.

Christian Westerlind Wigstrom, CEO of Monoova, said: "As instant payments become more widely adopted, Monoova is proactively scaling its leadership team to meet the growing demand for our world-class product suite. Both David and Shen bring invaluable expertise that aligns with our long-term vision and strategy of becoming a critical component of any business looking to grow and scale. We wholeheartedly welcome them to the team."

David Greene, the new CCO, said: "Monoova's unwavering commitment to innovation, coupled with its recent successes in becoming the country's largest issuer of PayTo agreements and its partnerships across diverse industries, is truly inspiring. I look forward to leveraging my experience in payment automation to contribute to rapid growth in 2024 and beyond to ensure their legacy in the industry is cemented."

Monoova has processed over $100+ billion in transactions to date.

Monoova (www.monoova.com) is one of Australia's leading B2B digital payments providers. It is a pioneer in the Aussie fintech space and was the first provider of PayTo (real-time alternative to direct debits) at scale.

Monoova helps businesses with large, ongoing transaction flows to manage all payments automatically, through one simple API integration. This means significant cost reduction, increased efficiency, speed and enhanced ability to scale.

Aside from PayTo, their solutions include enhanced Direct Debit, BPAY, Direct Entry, NPP, and cross-border payments.