Connected Accounts: what's next? Final poll 💔 and discussion

[Peter_G]

I can’t see Monzo integrating with trading platforms (because Monzo Investments ) but this is interesting:

New Equity Trading API in Beta - Try it Out in Practice Mode!

And hopefully Monzo will prove me wrong!

[o99]

@Peter_G

• these are the providers that I don’t think have the capability to be connected right now, at least in the classic open banking API sense.

Regariding Wise: Emma connects to Wise, so I don’t think lack of API is the reason it isn’t already supported by Monzo connected accounts. Perhaps Monzo hasn’t decided on an approach for handling multicurrency connected accounts.

[hkotecha (Hitesh kotecha)]

Interesting thoughts on this thread - love it. I didn’t see this thread before but my take is as follows (since the title says “other accounts, in Monzo”):

1. as long as there is an API, Monzo should try to connect to it even if it is just to get the balance.
2. multi currency can be handled either by auto calculating current conversion rate or by just leaving the original currency. For me having a view of the account is more important than the GBP value.
3. don’t think I would go down the route of importing CSV transactions from other accounts - I do this with a “money manager” and it’s painful.
4. trading platforms Freetrade) and investment accounts (pensions etc) - again balances would be great. Definitely don’t want the ability to trade on those platforms from within Monzo - makes no sense.
5. not sure about loyalty cards
6. balances on something like Oyster card might be useful
7. dare I say crypto accounts (like Coinbase) - again just balances
8. crowd funding - balances
9. maybe PayPal balance - does anyone still use this?
10. foreign accounts (maybe I’m pushing it?!)

[dinosm]

@o99

Perhaps Monzo hasn’t decided on an approach for handling multicurrency connected accounts.

Monzo connects to my Starling Euro account just fine, so the capability is there. But perhaps Wise doesn’t present every currency as a separate account?

[hkotecha (Hitesh kotecha)]

It does, as a test I connected my Nectar account to Wise - I added 9 separate accounts, 1 for each currency. Not sure what information was passed but multi account is possible

[o99]

@dinosm

But perhaps Wise doesn’t present every currency as a separate account?

It does in Emma

[hkotecha (Hitesh kotecha)]

Ok so I might have been a bit to quick about importing CSV data. In general I prefer the API route but there is 1 account that I have (an alternative investment platform) called ANote music ANote Music

This is a niche music royalty platform and I would quite like to have the balance available
I’m going to post on their site as well to see if they have plans for an API

[davidwalton (Award Winning Hot Coral Analyst)]

Anyone else had today’s email from Monzo with a link to a questionnaire about ?, ?? and ???

Mainly aimed at the terminology, naming and potential app-layout of features such as ?, ?? and ???

I didn’t screenshot it as it seemed a bit… personal

[Carlo1460]

Nope.

But the app layout has changed, or bits removed:

All the tat has finally gone

Need rid of that FSCS spiel. Or make it a lot lot smaller, though that information is seen on account manage tab.

[projectfortytwo (Chris)]

I still have the Plus tab. Hopefully that will disappear.

[projectfortytwo (Chris)]

@davidwalton

Anyone else had today’s email from Monzo

Nope. What are ?, ?? and ??? ?

[johnbiondini]

Add transactions from connected accounts to shared tabs, this logic already exists, why is it so difficult to bring it to connected account

[davidwalton (Award Winning Hot Coral Analyst)]

@projectfortytwo

Nope. What are ?, ?? and ??? ?

This post gives a lot away without me saying anything:

Lessons from my first year at Monzo

Solid learning lessons. Trying to re-build my “emotional reserve” so to speak in my own work-related headspace. Hadn’t heard of REBT before, but it makes sense. Any learning lessons about Monzo Wealth you want to share too [IMG_5442]

[AndreasH (Andreas)]

@Peter_G

Nationwide is still broken

Hey Peter - could you confirm what your issue with Nationwide connected accounts is? I’m not aware of any widespread issues we’re having with Nationwide, other than a limitation for Nationwide credit cards in trends.

Andreas

[josepheliotlucas (Joe Lucas)]

Hey any update on adding Virgin credit cards?

[_lewis]

Hey Lewis here from the Open Banking team at Monzo. Today we’re adding Virgin Money as a provider into labs And we’d like your help

We haven’t been able to gather enough Virgin Money transaction data internally to build out the connected account’s feed comprehensively. So if you have a Virgin Money account we’d really appreciate you connecting it to Monzo to help us collect more transaction data and improve the feed for everyone.

When you first connect your account you’ll notice the feed will look quite basic, but as soon as we start to seeing more transaction data we’ll be able to start improving it.

Once you’ve turned on the “Test Other accounts” toggle in Labs, you’ll see the option to connect your Virgin Money current account. Please try it out and let us know how you get on!

Virgin have let us know that only the following accounts can be connected:

All bank accounts with sort codes starting 82 or 05.
All Personal / Private customers with a 10-digit numeric Customer Number.
All Business Customers with an 8-digit numeric Customer Number with a ‘C’ or ‘Y’ prefix.
Products launched after December 2019

As usual, you’ll need Monzo Plus or Monzo Premium to connect an account

Just so you know: if you connect an account and then turn the Labs toggle off, it won’t disconnect the account. The Labs toggle only affects connecting an account. (You disconnect these accounts the same way as any other Connected Account.)

[projectfortytwo (Chris)]

@_lewis

Today we’re adding Virgin Money as a provider into labs

I got very excited about this. Then discovered it’s current accounts only and not the credit card

[Lewisoc (lewis oconnor)]

Tried and got an error message

[_lewis]

Hi Joseph, yep we’ve started working on adding them. It’s a completely separate API tho which means we have to run though some setup work but we’ll keep the community update

[_lewis]

Hey Tom, we are working on adding Chase and the results of the above poll are definitely encouraging.

As for the timeline it’s hard to say, if we don’t run into any issues and prioritise adding them hopefully sometime in the next couple of months, maybe sooner If we run into any issues it could take a longer.