Monoova’s PayTo System Powers Faster, More Affordable International Transfers for Remitly Customers in Australia
Sydney, Australia – 16 April 2025 – Monoova, a leading provider of B2B payments solutions, has partnered with digital financial services provider Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”) to enable faster and more affordable international money transfers from Australia through PayTo - Australia’s new real-time payment system.
Through Monoova’s cutting-edge PayTo integration, combined with Remitly’s strong and expansive distribution network, Remitly customers in Australia can send funds to the Philippines, India, Pakistan, and Nepal typically within minutes – and in some cases, nearly instantly.
Australia’s personal outbound remittance market was valued at AUD $15.2 billion in 2023, according to the World Bank. In 2024, Research and Markets projected remittances to grow to AUD $28.9 billion by 2028. Globally, the personal remittance market is expected to reach USD $1,329.9 billion by 2032 according to Allied Market Research.
Remittance payments play a vital role in recipient economies - driving local consumption, supporting savings, strengthening financial systems, and enabling access to microfinance for individuals and small businesses. Beyond the economic impact, these funds help build stronger communities by supporting education, healthcare, housing, and other essential services.
Kym Whitford, Head of Asia Pacific at Remitly, said: “At Remitly, we’re committed to transforming lives through trusted cross-border financial services. Integrating Monoova’s real time PayTo system enhances 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.”
Christian Westerlind Wigstrom, Co-Founder and CEO of Monoova, said: “We are observing increased demand for instant and reliable payments options across a rapidly growing range of use cases, including international funds transfers. 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. PayTo offers a wide range of benefits across use cases and this is a particularly worthy one. We are incredibly proud to be working with Remitly.”
New Payment Platform (NPP) adoption is accelerating in Australia, with over 140 million transactions processed each month and rising.
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. 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.
About Remitly (www.remitly.com/au/en) is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.
About Monoova (www.monoova.com) is one of Australia’s leading B2B digital payments providers. It is a pioneer in the Australian fintech space and was one of the first providers of PayTo. Monoova helps businesses with large, ongoing transaction flows to manage all payments automatically, through one simple API integration.
