Case Study: InstaReM achieves real-time payments and instant reconciliation with Monoova

InstaReM routes over 90% of payments through PayID with Monoova

Instarem, a global remittance company, faced operational challenges including delayed payments, manual reconciliation processes, and high card processing fees. To address these issues, Instarem partnered with the vendor Monoova to implement their real-time payment solutions, gaining access to the New Payments Platform (NPP) and PayID.

By implementing Monoova's solution, Instarem unlocked real-time payments for both collecting and disbursing funds. The results were significant, with over 90% of customer payments going through PayID, reducing transaction times from 1-2 days to real-time. Monoova's ability to create unlimited virtual accounts and provide instant reconciliation led to substantial cost and resource savings for Instarem's back office, unlocking new growth and efficiencies.

InstaReM