Confirmation of Payee

It’s a little worse than that, it won’t remember any new payee… I’ve had to add an account to an existing payee, that gets remembered so now I go into an unconnected payee and select my NatWest account to pay it :confused:

Interestingly though when I did go to pay by sort code and account number it remembered the reference I had been using - perhaps by looking up against past payments.

This still seems to be a problem? Just had the CoP stuff rolled out, and it triggered for an existing payee … which is fair enough. Unfortunately the name that payee’s bank uses when sending stuff to me doesn’t pass their own checks when sending money the other way … so I changed the payee name. That’s remembered, but I get prompted to confirm all details each time, which is going to be a huge nuisance :frowning:

What with that and the “let’s hide the in-app chat” fiasco I am not a happy bunny, for the first time since being with Monzo …

1 Like

Monzo know there’s a bug and they are working on fixing having to confirm each time.

But in this instance, do you need chat?

If that’s true that’s great. Someone up-thread suggested using in-app “feedback” to make sure Monzo were aware - but no option for that that I could find, so I assumed it meant to use chat … which I then also could not find.

I have been very happy with Monzo up until now, but it’s reasonably substantial bug, and it seems CoP is still being pushed to more users without it being fixed? I can see complaints from 22 days ago, but I got CoP in the last week or so…

I’m getting older and ill-er, and while I’m happy to learn new ways of doing things (e.g. CoP), it would help if they worked properly before being pushed. I spent ages trying to work out if I was doing something wrong (not helped by HSBC sending payments with a payer name attached that doesn’t pass their own CoP checks when you reverse, but that’s not Monzo’s problem, obvs…)

Monzo is no longer a novelty to me - it’s part of my day-to-day life (which is great.) But I don’t want to be having to jump onto the forum when something like this changes - it should be obvious how it works, and if it’s not, the in-app help should … help.

5 Likes

Confirmation of Payment (CoP) payee matching for business accounts only matches on full business name, not the trading name, eg:

Preferred Name trading as Business Name”… pass
Preferred Name” … pass
Business Name” … fail with warning

By failing CoP checking against the business name it erodes trust in the brand and is unnecessarily alarming to customers. I really like Monzo’s security but this aspect lacks finesse.

Monzo support were super helpful, and said they would pass this on, but I was wondering if anyone else on Monzo Business as a sole trader has the same reservations.

1 Like

I agree but this is not unique to Monzo. It seems that a decision was made, early in the planning stages presumably, to only allow “real names” of businesses to pass the check, and this implementation appears to be the same across all banks.

I imagine it is by design to prevent abuse of the system where the trading name could be used to trick customers (who would be more likely to proceed with payment given they would have confidence in a “matched” CoP check).

However, this means businesses must be very clear to customers what name to use when paying, and I think banks as a whole have failed to educate businesses on this as many seem not to be aware.

2 Likes

When sending money to my Monzo business account why does it come up as “FULL NAME T/A TRADING NAME” whereas with my high street business bank account it comes up with just “TRADING NAME”? Invoices are paid into my high street bank because Monzo is unreliable but this is just something that I find annoying, is there any way to request that only your trading name comes up?

Curious as to what you mean by this? I’ve never had a payment fail to arrive in my Monzo business account.

I think Monzo and Starling have both taken the decision to display the name in this format for sole traders as it is technically the correct way to describe the legal structure?

Other banks may have chosen to read the guidance differently and only use the trading name.

International Payments.

Monzo don’t support international payments.

Exactly.

So it’s not that Monzo is unreliable, they clearly state that they don’t support international payments. It’s also off topic for the thread and unrelated to the rest of your post.

You ask a valid question about the format of the account name.

However, digressing with a comment about Monzo being unreliable, with no context given, could come across as scaremongering or Monzo-bashing, which I’m sure was not the intention. Taken in context it’s incorrect as this is not a supported feature.

I acknowledge that this is one of several features which has seen “stop-go-stop” development (or lack of) which can be frustrating.

8 Likes

Yes, it’s understandable in a way that this is a more niche feature; as most Monzo business customers are likely to be small businesses they are not likely to have significant sales or income from abroad. If they do, then they probably already have a business TransferWise account or something of that nature?

Larger businesses or those requiring more methods of payment (such as cheques for suppliers or cashing in at a branch) probably also have at least a secondary account with a high street bank, if not a tertiary account as a backup.

I expect this is the case, yes.

In my experience with most things like this, Monzo and Starling do tend to stick to a more strict interpretation of things (probably since they are newer banks) while older traditional banks tend to allow for more leniency, which I expect is because they have a much greater number of customers so even if it’s technically not right they are likely to be given a bit of slack by regulators as an issue impacting even a small percentage of their customers would be a significant number of people.

Thank you for being courteous, I hope I have been helpful.

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.