Competitor update

(Alex Sherwood) split this topic #1009

A post was split to a new topic: Banking Website’s Trackers

(lewis oconnor) #1010

Anyone been using Tandem? If so how do you find it?
very interested in what they have to offer but they don’t seem to sown any information anywhere about the products they want to offer…

(Mike) #1012

A few mentions of their credit cards popping up every now and again but nothing special at the mo, the app is just a fairly rudimentary account aggregator.

(Brexit Day Is Gonna Be Shamayzing.) #1013

“this is just a small way we want to say thank you.”

Yes thank you, here have a credit card so that you get in debt with us and forever pay us interest :joy:

(Mike) #1014

If they can provide instant transaction notifications through push or sms then it could be a pretty cool differentiator to the current credit providers… that’s if they get their house sorted :stuck_out_tongue:

(Alex Sherwood) #1015

The Teller API beta is now open to the public.

Starting today, you can create a developer account, connect your bank, and start making live API calls into your bank accounts in less than 5 minutes.

Teller is available today for Santander UK, Barclays, Natwest, Nationwide, RBS, Isle of Man Bank, and Ulster Bank.

It looks like the business model is based on providing a platform for developers to build apps on top of.

For the first time in history it is possible for a developer to build a full replacement the bank’s own first party app

Teller is free for apps with up to 100 users.

They claim to offer faster access to account data than aggregators, which sounds good to me -

If you’ve ever integrated with an account aggregator that works by “screen-scraping” you will appreciate what a leap forward Teller represents. Never again will you deal with day-old stale data or wait tens of seconds while it is refreshed for slightly less stale data.

And they have big ambitions -

Although we are not launching this functionality today, Teller is the first banking API available to the public that is capable of moving money and managing your account. Transfer money between accounts, make external payments using Faster Payments, and manage your payees, standing orders, and Direct Debits all through the Teller API. For the first time in history it is possible for a developer to build a full replacement the bank’s own first party app. If you have the product chops you might now be thinking about the possibility of disintermediating banks altogether.

Edit - Tom just retweeted their announcement about this so it looks like he’s a fan :slight_smile:

Interesting to learn in their blog post that the aggregators are making (some?) of their money by selling their screen scraping technology to 3rd party developers who want to build apps for users. The blog includes a pretty brutal shot at the screen scrapers :eyes:

Look how long it takes for a screen-scraper to fail when supplied with bogus data, while Teller comes back instaneously with an error message. Imagine this is your user making a typo while entering their information. You can guarantee users will delete your app in frustration if this is their first experience. - API service for legacy bank
(Alex Sherwood) #1016

Monese have just launched direct debits -


  • Users are now able to deposit cash into their accounts via Post Office branches
  • More than 75 per cent use Monese as a primary account into which they pay a salary.
  • They’ll become profitable solely from charging the monthly fee “in the next 12 months or earlier”
  • They’re not currently fundraising but plan to do so in the “next year or so” to fuel further growth.
  • They almost have 100,000 users


Just to clarify. They will be rolling out new accounts with Direct Debits soon. A button will appear within their app to allow customers to upgrade their account (agree new account terms) and this is expected to appear around the 19th of this month. So in reality their new accounts are not yet out and will be starting in the next week or so.

…or will be once they get a new upgraded account with a Mastercard. Those with the existing account with a Visa card still use PayPoint.

(Fin) #1019

But, also just to clarify…

Monese is essentially offering the same if not slightly less functionality (budgeting etc.) than Monzo (once they start rolling out current accounts) - and they want to charge £5 a month for the privilege? They also charge fees on certain transations, and as far as I can tell, the only benefit is that you can pay in money (which I don’t know why people are bothered about - maintain another current account and use that to pay in cash before wiring to Monzo account - simple) and that you don’t need a UK address to get a card?

Am I missing something?




Instead of clickbaiting perhaps you could summarise the article you are pointing to?

(Alex Sherwood) #1022

It’s a blog post comparing Revolut’s rates to N26’s & yes, it would help if there was a description for the link.

(Graham - Mental health professional) #1023

That tone really necessary?


Clickbaiting wtf is clickbaiting. In the medical world we link to references
That wasn’t even a competitor update it was a piece of evidence, wow! I started off this evening being really pro monzo but after this treatment I’m not so sure…

(Alex Sherwood) #1025

It’s information about a competitor which is why I moved it here.

((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #1027

In the medical world, references carry an explanation and context.


The latest video from Iam Bank

Full of marketting speak but no real content

Their USP seems to be the claims to have an educational side and advise or help customers handle their money rather than just show where it was spent


In the latest Revolut app update, under ‘Coming Soon’ (premium users)

Airport lounge access at ‘wholesale’ rates

(Knowing Revolut, ‘coming soon’ could mean 'coming in 2019 :thinking:)

(Brexit Day Is Gonna Be Shamayzing.) #1030

:joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat: :joy_cat:

(Eve) #1031

“after this treatment”? we don’t represent their customer service/ app, it’s a shame but efficient updates and transaction info with great exchange rates are there whether you feel personally insulted or not :ok_hand:t3: