Bank Transfer Top-up within Monzo App

It would be nice to be able to top up your Monzo account from within the Monzo app.

If i’m reading the PSD2 documentation correctly, its possible for a regulated third-party Payment Initiation Service Provider to initiate payments from someones account.

Could Monzo implement something like this so we can link up other current accounts and initiate bank transfers from them into Monzo, from within the Monzo app?


At the point that the other banks provide the software infrastructure to allow it, this would absolutely be possible. I’m looking forward to it.

At the moment, however, I haven’t heard of any of the banks releasing an API to allow this to be done (but I don’t work in banking so that doesn’t mean it hasn’t happened)

The possibilities are endless, once you explore Open Banking. In the future it may be possible to run your HSBC current account from the app, negating transfers or switching. Or have a Monzo–powered account but buy an overdraft from Starling.

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Can’t see many banks hurrying to provide this as it would assist customers in using other banks services

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I didn’t think they had a choice but to do it. To hurry to do it though? No, probably not.


In the overdraft example, Starling provide a Monzo customer a flexible loan, like an overdraft which bolts onto the in–credit Monzo account. Starling doesn’t have to take the risk of running all those finickity, costly debit card transaction and direct debit guarantees, and it gets the interest on the loan. Monzo gets a referral fee from Starling as the Monzo–app ‘found’ that overdraft was the best fit for their customer. Monzo also gets the transaction data to monetise by further referrals, such as energy supply and insurance.

In theory, each component of an account (borrowing, credit interest, debit card acceptability etc.) becomes competitive.

And no more petty squabbling over topping–up!

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It seems that a list of regulated third party providers is available online.

Unfortunately Monzo doesn’t appear to be one of them -

No, they won’t be. They are a bank.