Business Banking and Merchant Enrichment


#1

I’m not in the market for a business account - but I was thinking about the merchant enrichment process (and its current issues) and got to thinking whether it would be a useful feature in a Monzo business account for companies to manage/curate their brands in Monzo. So, when you set up a business account, you’d have the ability to upload a logo, set an emoji, suggest the ‘friendly’ name in the app.

This could both differentiate the business account generally, help create a virtuous circle between personal and business accounts - as well as eradicate some of the merchant enrichment pain. Heck, create an open API on top of it and you could even feed competitor banks with your business banks’ logos (not as strange as it might seen).

Any thoughts?


(NM) #2

I think you could spin Merchant Enrichment out as a Fintech on its own purely focusing on backend Merchant stuff especially as it seems all fintechs are going down that route


#3

You read my mind! :wink:

(Although I’m now wondering if you could really monetise it in the long-term. Maybe a not-for-profit or something…? It’s effectively open data - maybe Companies House could give it a go?!)


(NM) #4

Hmm the monetisation would be a private message :wink:
But I reckon what you would need to focus on would be
Twitter Instagram and web scraping for logos
Names-NLP would probably work
Location data and having it synced to the Merchant transaction just for proof etc.
Support to change things(preferably instantly)
I personally would include PDF and photo receipts.
I mean its open source data but packaging it into one easily to use API that’s the difficult bit


(Nathan Steer) #5

Subscriptions from the companies that wish to make use of your API to enrich their apps :stuck_out_tongue:


(NM) #6

Plus people and companies are lazy :joy:. So they would pay for the convenience