Australia’s Monoova has announced its merger with Moneytech in a bid to help businesses streamline their domestic and international payment processes.

The combination under the Monoova brand is also expected to enable traders to speed up cross-border transactions as well as reduce costs.

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With the latest move, Monoova aims to automate and upgrade payment processes. It will provide client with access with a toolkit for payment flows through a single API gateway.

The single gateway system is set to cut processing time for overseas payments of G10 currencies, including Australian dollar, Euro, US dollar and others, from around three working days to near real-time. 

Besides, the merger expands the existing team of Monoova to 70 members, who will work to introduce new features and capability to the company’s platform.

Monoova co-founder and CEO Christian Westerlind Wigstrom said: “With the new Monoova platform, clients can automate the receipt, payment and management of domestic and cross-border funds – reducing costs and resource requirements and allowing teams to focus on growth and innovation.”

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Wigstrom added: “Our ultimate aim is to make the experience of moving money from Perth to Berlin as easy as moving money from Sydney to Brisbane.”

Monoova said that it had moved approximately $50bn through its domestic-automation platform in the last five years, serving various businesses including Jacaranda, Hnry and Wise.

In May this year, Monoova partnered with Truelayer to tap financial and identity inputs using Australia’s Consumer Data Right (CDR) for data-enabled payments.