International Payments
Monoova now has the capability to facilitate real-time payouts for international payments via the New Payments Platform (NPP). This service is specifically known as NPP IPS (International Payment Service).
Note for NPP scheme compliance: If using the NPP scheme, all payouts that are part of a transaction chain where the funds originate from outside Australia must utilize the NPP IPS message. Standard NPP payments cannot be made for these types of payouts. Alternatively, funds can be sent via a non NPP method such as Direct Credit. If the transaction chain is entirely within Australia, you should use standard NPP (Osko) payments instead
NPP IPS offers the benefit of real-time credits to Australian NPP-enabled AUD accounts for cross border payment flows. Furthermore, it ensures that the necessary payer and payee details are transmitted to the recipient, allowing them to fulfill their AUSTRAC reporting and AML/CTF obligations, including IFTI reporting and sanctions screening.
Note, populating IFTI data within the NPP IPS message does not does not abrogate, change or reduce your regulatory requirements to screen and report on IFTI payments.
Process a NPP IPS Transaction to transmit this information as part of the NPP payment payload.
Please note that, in addition to the required fields, any fields present in the source international message must also be included in the payload. If you need help mapping these fields, please reach out to us at [email protected]
Outbound payments are assumed to be in Australian Dollars (AUD). If you wish to make an outbound payment in another currency or include the exchange rate in your IPS message, please contact Monoova support at [email protected]