Payments automation provider Monoova has completed the acquisition of foreign exchange company Moneytech FX.
The merger aims to create a single platform where businesses can “consolidate domestic and international payment processes and take advantage of faster cross-border transactions”.
Clients will be given access to a toolkit that can power both local and global payments with the help of a single API gateway.
Christian Westerlind Wigstrom, Co-Founder and CEO of Monoova, commented: “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.”
At its core, Monoova is looking to reduce the estimated time of three days for cross-border payment flows with all G10 currencies.
“Our ultimate aim is to make the experience of moving money from Perth to Berlin as easy as moving money from Sydney to Brisbane,” Wigstrom added.
The new business will be situated in Sydney, will operate under the Monoova brand, and is expected to bolster a team of 70 with a focus on cross-border transactions for both Monoova and Moneytech FX customers.
Andrew Kilroe, Chief Vision Officer of Moneytech FX, added: “Moving money seamlessly and securely across borders helps clients provide a high-quality experience to their customers and partners in overseas markets and brings financial inclusion to underserved markets. We’re very excited at the opportunity to deliver this capability to the Australian market.”