Monoova
Monoova is the payment partner that we use to facilitate transfers from your bank account to a specific funding account. The way you route your transfers to your Nium funding account will determine how long that transfer will take.
📘 IMPORTANT:
During onboarding, you will need to provide us with:
• your business registration country
• the countries from where your business is currently operating from and
• the country where your corporate bank account is located and from where funds will be transferred to your Nium account.Our teams will use this information to guide you on which banking partner to use for an optimal funding experience.
Transfer times​
The following are generic timeframes, with "T" being the day of booking and before the processing bank's cut-off time. Your Bank should be able to provide you with their own settlement cycles for each currency, as these may differ according to your bank. Timescales may also be impacted according to your Bank’s cut-off time.
These timeframes are indicative and should only be used as a reference point.
| CURRENCY | TYPE OF TRANSFER | TIMEFRAMES |
|---|---|---|
| AUD | DE | T |
| AUD | NPP | Instant |
Virtual Account Numbers (VAN)​
Monoova provides a virtual account number for each funding account. You can use this virtual account number to transfer money to your Nium funding account. Transferring money to a virtual account number is the same as sending a bank transfer to a regular account number. The virtual account number can be retrieved from the Nium Portal by following the instructions in the section How do I deposit money to a funding How do I deposit money to a funding account. Send a bank transfer to the virtual account number allocated to the funding account to which you want to add money. This will route your money to Monoova. Once Monoova receives the transfer, it will automatically be applied to your funding account.
How much does Monoova cost?​
The only cost for using Monoova is the wire transfer cost applied by your bank or any intermediary bank involved in the payment process. Monoova does not add any additional bank charges.
Transfer types​
There is only one type of payment that is routed via Monoova:
- Local transfers in AUD
AUD transfers​
When you are transferring AUD from within Australia, Monoova can receive both DE and NPP transfers.
This is the routing information for an AUD transfer:
| BENEFICIARY BANK | MONOOVA |
|---|---|
| Beneficiary BSB Code | 802985 |
| Beneficiary Bank Address | Level 6/97 Pacific Highway, North Sydney NSW 2060 |
| Beneficiary Account Name | NIUM Pty Ltd |
| Beneficiary Account Number | The VAN can be retrieved from the Nium Portal |
Monoova timeframes​
Once Monoova receives a transfer, it is instantly credited to your funding account. This means that if a transfer is sent before your bank’s cut-off time and is received by Monoova (even after working hours) it will be available for you to use – effectively offering a 24/7 credit reflection.
Common causes for delays​
| Issue | Description |
|---|---|
| Payment was made after your bank’s cut-off times | If your bank’s cut-off time is at 4:00 pm and you request a payment to be sent at 4:15 pm, this payment will not leave your bank until the next processing time, which could also be the next day. Please ask your bank for their cut off times, as these may affect your outbound payments. |
| Weekends and bank holidays | Payments are not processed on weekends and bank holidays. The processing data will be the next available day (e.g., Monday in case of weekends). |
| Currency holidays | If when you are sending a payment it is a country holiday in Australia, this may impact your transfer. Transfers can be expected to be deposited on the next working day. You can view the list of currency holidays here. |
What if a transfer is delayed?​
If your transfers do not reach your account within the expected timeframes, please email prefunding.solutions@nium.com, with the proof of payment.