Faster Payments

Yo Mondo,

Any news on timelines on Faster Payments capability? I’m assuming, once it’s on, it will be part of the API?

Be interesting to hear what the challenges are around that.

Cheers,
M

Hey Mike,
As far as I understand it, Faster Payments is unlikely/can’t happen until we get our banking license (hopefully) next year. I imagine that would be a part of the API but am not the expert! Maybe @tom or @jonas will have a better answer :slight_smile:

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I guess we’re talking about making outbound Faster Payments? You can already receive an inbound Faster Payment the details on the Top-Up screen in your app.

We’d like to add Faster Payments and Direct Debit functionality to your account - probably some time in the first half of 2016. Each Mondo card will come with a unique account number and sort-code.

As for API access, that’s a slightly trickier question. In particular, we’ll need to look at adding multi-step confirmation or relatively strict limits to outbound payments. The danger is that a developer goes rogue and empties people’s accounts instantly. For example, we might ask for in-app confirmation - “Your accountant wants to move £3,000. Do you agree?”

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Yeah I did mean outbound. Is the banking license a prerequisite for Faster Payments?

Perhaps there’s a way to use OAuth scopes for third parties to negotiate with customers access to make payments for amounts split into bands ie. < £20, < £100, > £100, etc?

Faster Payments will definitely be in current account launch :slight_smile: As will Increased limits (of some type). I’m pretty sure cashback will be supported too by virtue of it being a debit card but @rdingwall can confirm.

I haven’t read all of these properly yet so don’t take me not mentioning them as a sign!

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I’ve just moved Tristan’s post here (he was causing technical difficulties :eyes:)

from here -

That’s correct - we’re working hard to make sure our Monzo debit cards support everything that is technically possible with a debit card :slightly_smiling_face: (including a few cool surprises!)

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Please do tell! I know that if it was official, Monzo would share it already, but it doesn’t hurt to ask!

In app confirmation sounds perfect.

Perhaps also trusted accounts? For example 12-34-56, 12345678 is my ISA, always allow money to move to it.

As soon as we can :slight_smile: :soon:

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Damn, clever plan to use cute cat didn’t work. :crying_cat_face:
I understand though!

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@tristan @rdingwall Just to confirm - if a bank account doesn’t support receiving money by FPS, will Monzo support transfer to that account via BACS at launch?

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We will support BACS, Chaps and FPS at launch.

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