Fastly pairs with Monoova to enhance transaction security

Fastly, an edge cloud platform has been chosen by Monoova, Australia's foremost payments automation provider, to fortify the security framework for its expanding clientele. This collaboration was announced on 4 March 2024, marking a pivotal moment in the realms of digital payments and cybersecurity.

Since its inception in 2017, Monoova has been at the forefront of the digital payments space, processing transactions exceeding $100 billion. The platform's capability to manage millions of transactions monthly underscores its critical role in Australia's financial ecosystem. Nicholas Tan, Monoova's Chief Technology Officer, highlighted the rigorous selection process leading to Fastly's adoption. "Following a comprehensive proof-of-concept trial, which scrutinized the platform's performance and scalability, Fastly emerged as the clear choice. We were especially impressed by its prowess in API and web application security, DDoS protection, and SOC expertise," Tan elucidated.

Fastly's integration into Monoova's operations is described as transformative, with Tan affirming, "Fastly has become our new front door." This partnership is not just about enhancing security but also about streamlining operations, as Fastly's platform is adept at managing traffic for Monoova's APIs, payment systems, and public-facing websites, ensuring a seamless and secure user experience.

A key factor in Monoova's choice was Fastly's compatibility with multi-cloud environments. Tan detailed the benefits, stating, "Fastly allows us to consolidate our diverse cloud resources into a unified management view. This offers a significant advantage, enabling a comprehensive control plane over our resources, irrespective of their deployment locations." This capability is crucial for Monoova, which leverages a hybrid cloud environment, blending private virtual cloud, public cloud, and third-party resources to deliver its payment processing services.

The implications of this partnership extend beyond operational efficiencies. Tan emphasized the broader impact on Monoova's clientele, noting the move towards instantaneous electronic payments. "With Fastly, we are equipped with a secure, high-performance platform that supports the digitization of the entire payments process, eliminating the need for manual back-office tasks. This development is a boon for businesses and their clients alike," Tan stated.

Looking ahead, the collaboration with Fastly positions Monoova for sustained growth. The company plays a pivotal role in Australia's payment ecosystem, supporting a wide array of payment systems including BPay, Direct Debit, and notably, the New Payments Platform services like PayID and PayTo. Monoova's significant market presence is highlighted by its status as a leader in PayTo, facilitating over 70% of all active agreements in the last fiscal year.

Derek Rast, Area Vice President for Australia and New Zealand at Fastly, expressed enthusiasm for the partnership, remarking, "Companies who bring innovation to their industry align culturally with Fastly's mission to make the Internet fast, safe, and engaging. We are excited to see Monoova leverage Fastly's resilience, security, and flexibility, and we look forward to supporting Monoova's growth in 2024 and beyond."

Monoova's pioneering role in Australia's fintech space, coupled with Fastly's edge cloud platform capabilities, signals a new era in payment processing security and efficiency. As digital transactions continue to evolve, the synergy between Monoova and Fastly promises to set new benchmarks in the industry, ensuring that businesses and their clients benefit from more secure, efficient, and scalable payment solutions.